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U.S. Bancorp Elects Jerry Grundhofer as New Chairman and Announces Common Stock Dividend

MINNEAPOLIS, Dec 17, 2002 (BUSINESS WIRE) -- U.S. Bancorp's (NYSE:USB) board of directors announced today that Jerry A. Grundhofer has been elected as its new chairman, replacing the retiring John (Jack) F. Grundhofer. Jerry Grundhofer, who will continue as president and chief executive officer of U. S. Bancorp, will officially assume the added duties and responsibilities of chairman of the board on January 1, 2003.

As previously announced, John Grundhofer will retire as chairman of U.S. Bancorp on December 31, 2002. John Grundhofer, who will become chairman emeritus, will continue to serve as a director of U.S. Bancorp until his term expires in April 2004.

U. S. Bancorp also announced it will pay a quarterly dividend of $0.195 per common share on January 15, 2003 to shareholders of record at the close of business on December 31, 2002. At this quarterly dividend rate, the annual dividend is equivalent to $0.78 per common share.

U.S. Bancorp, through its predecessor companies, has increased its annual dividend rate in each of the past 30 years and has paid a dividend for 139 consecutive years. The most recent increase in the U.S. Bancorp common share dividend was announced on March 13, 2002.

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, 612/303-0784
                  H. D. McCullough, 612/303-0786
                  Judy Murphy, 612/303-0783

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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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