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U.S. Bank Offers Special Financing to Redex, World's Largest Recreation Vehicle Dealer Buying Group

MINNEAPOLIS & MESA, Ariz., Dec 10, 2002 (BUSINESS WIRE) -- U.S. Bank (NYSE:USB), through its recreation finance division, has partnered with Redex, the world's largest recreation vehicle (RV) dealer buying group, to offer special financing available to the 84 dealers that participate in Redex. The agreement offers Redex dealers a custom, indirect lending program that makes what they offer consumers more affordable and convenient.

"Of the many national and regional banks, Redex has endorsed only two financial institutions for retail financing programs. We are proud to have U.S. Bank as one of our two preferred lenders. The rates are great. So are the people and the service. We're honored to have U.S. Bank as one of our preferred partners," said Paul Skogebo, president of Redex and Robert Crist and Company RV in Mesa, Ariz.

"U.S. Bank is continually looking for ways to make owning an RV affordable to more consumers, in this case by providing indirect financing that dealers can then pass on to their customers," said Jere Gilbert, regional sales and marketing manager of recreation finance at U.S. Bank. "Offering creative solutions is just one example of how we stand behind our exclusive Five Star Service Guarantee, delivering the highest level of service that any financial institution could possibly provide to the RV industry. More than anything, we're committed to providing the best people, the best attitudes and the best service, or we'll credit their account."

The Redex buying group, which formed in 1996, is a coalition of RV dealers that account for more than $1.6 billion in total RV retail sales, which is approximately 18 percent of the total RV retail business. The size of the group gives Redex members buying power that is unmatched by individual businesses trying to negotiate their own terms for products and services. In turn, Redex members pass savings on to their customers. Redex dealers are located nationwide from Alaska to Maine to Florida to southern California.

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. Bank
                  Teri Charest, 612/303-0732

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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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