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The Andersons, Inc. Selects U.S. Bank as Lead Arranger and Agent for Unsecured Credit

DENVER, Dec 11, 2002 (BUSINESS WIRE) --

U.S. Bancorp (NYSE:USB)

The Andersons, Inc. (Nasdaq:ANDE), a diversified agribusiness and retailing company based in Maumee, Ohio, has selected U.S. Bank to be its lead arranger and agent for unsecured, multi-year lines of credit totaling $200 million. The credit will be used for working capital and general corporate purposes. This is the first syndicated credit facility for The Andersons.

U.S. Bank has been providing The Andersons, Inc., with credit and treasury management, as well as a broad range of financial products and services including purchasing cards, for over ten years.

"We selected U.S. Bank because they are committed to a long-term relationship and their team delivered a very competitive syndicated transaction for us," said Gary Smith, vice president finance and treasurer of The Andersons, Inc. "We've been very pleased with their service and financial expertise."

"The Andersons, Inc. has established itself as a major player in the Agribusiness industry," said Jim Bosco, senior vice president for U.S. Bank Food and Agribusiness. "The company is highly respected by the U.S. Bank team and we are proud to expand our business relationship with them."

The Andersons, Inc. (Nasdaq:ANDE) is a regional grain merchandiser with diversified businesses in agriculture, fertilizer distribution, turf product manufacturing and distribution, railcar marketing and general merchandise retailing that generate revenues of approximately $1 billion per year. Founded in 1947, the company has grain and production facilities throughout the Midwest, and six retail locations in northern and central Ohio. The Andersons, Inc. corporate headquarters is located in Maumee, Ohio. Additional information is available online at www.andersonsinc.com.

U.S. Bancorp is the parent company of U.S. Bank. U.S. Bancorp (NYSE:USB), 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. Visit U.S. Bancorp on the web at www.usbank.com.

CONTACT:          U.S. Bank Media Relations
                  Amy Frantti, 612/303-0733
                  or
                  The Andersons, Inc.
                  Gary Smith, 419/891-6417
                  Gary_Smith@andersonsinc.com

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SOURCE: U.S. Bancorp

"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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