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U.S. Bank Completes Branch Purchase and Deposit Assumption of Bay View Bank

MINNEAPOLIS--(BUSINESS WIRE)--Nov. 1, 2002--U.S. Bancorp
(NYSE:USB) today announced that its lead bank, U.S. Bank N.A., has completed the acquisition of 57 branches in California from Bay View Bank, a wholly-owned subsidiary of Bay View Capital Corporation (NYSE: BVC). This transaction was announced on July 22, 2002, and includes approximately $3.3 billion in retail and small business deposits and $338 million in selected loans, including single-family residential mortgages, home equity loans and small business loans.

As a result of this transaction, U.S. Bank welcomes more than 500 new employees who currently work primarily in the San Francisco Bay area in the Bay View Bank retail banking network. Following the completion of the integation process, the Bay View Bank locations will become full-service U.S. Bank branches. U.S. Bank currently has 158 full-service branches in California and will have 215 full-service branches once the integration is completed. This acquisition also includes 63 ATM locations that will increase U.S. Bank's ATM network in California to 278 convenient locations.

The 57 branch locations being acquired by U.S. Bank are in the following California markets: San Francisco and the San Francisco peninsula; San Jose; Alameda County; Contra Costa County; Santa Rosa; Vallejo-Fairfield-Sonoma; and Santa Cruz.

Until the integration of the Bay View Bank locations is completed in the first quarter of 2003, customers should continue to conduct their banking business at the same locations they use today. Once the integration is completed and the Bay View Bank signage is changed to U.S. Bank, they will also have the convenience of banking at any U.S. Bank branch location.

Bay View Capital Corporation is a commercial bank holding company headquartered in San Mateo, California. The company's principal subsidiary is Bay View Bank, a nationally chartered commercial bank, which was the largest deposit franchise exclusively serving the San Francisco Bay Area with 57 full-service branches.

U.S. Bancorp, with assets in excess of $174 billion, is the 8th largest financial services holding company in the United States. The company operates 2,133 banking offices and 4,680 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is home of the Five Star Service Guarantee which assures customers of certain key banking benefits and services or customers will be paid for their inconvenience. U.S. Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp on the web at usbank.com.


CONTACT: U.S. Bancorp

Steve Dale (Media), 612/303-0784

H.D. McCullough (Analysts), 612/303-0786

Judith Murphy (Analysts), 612/303-0783



SOURCE: U.S. Bancorp

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"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.

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