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
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
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