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U.S. Bank Takes Flight With San Diego County Regional Airport Authority

SAN DIEGO, Dec 19, 2002 (BUSINESS WIRE) --

U.S. Bancorp (NYSE:USB)

U.S. Bank has earned the business of the San Diego County Regional Airport Authority and will be its primary bank when it begins operating independently from the San Diego Unified Port District on January 1, 2003.

U.S. Bank will provide deposit and treasury management services to the airport authority, which will assume control and operation of San Diego International Airport on the first of the year. The San Diego Unified Port District has operated the airport since 1962. California lawmakers passed a bill last year to transfer the airport to the authority.

"The airport authority is a new regional public agency with major responsibilities. We wanted to ensure its banking institution was a reputable one, offered the financial services we need and was customer service oriented. We think this is the case with U.S. Bank," said Thella Bowens, interim executive director of the airport authority.

This is the third major business announcement from U.S. Bank in San Diego recently. In November, San Diego State University chose U.S. Bank to add banking services to its campus card, the SDSU Card, which faculty, staff and students use. Then in early December, Suzy's Zoo, a long-time card, stationary and gift company in San Diego, chose U.S. Bank's retirement plan.

"It's very prestigious for the bank to be on the ground floor of a newly-created government entity as large as the airport authority, and we are honored to be their bank of choice," said Robert Armstrong, market president for U.S. Bank in San Diego. "I credit the well orchestrated team effort that was led by Patrick Pearson in our government banking division and Don Reitz in treasury management for bringing this relationship to fruition. Their work, combined with the support of our commercial staff and advisory board members, has resulted in an exciting new opportunity for the bank and the airport."

The treasury management products and services that the San Diego Regional Airport Authority has chosen will help it save money, reduce exposure to check fraud and make its financial processes more efficient. For example, image positive pay will aid in the detection of check fraud by prohibiting payment of checks without customer authorization. U.S. Bank will also provide cleared checks back to the airport authority via CD-ROM, which reduces storage costs and facilitates faster research. In addition, the San Diego Regional Airport Authority will benefit from online information reporting, reconcilement services, and secure vault services for cash handling.

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. U.S. Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp on the web at www.usbank.com.

CONTACT:          U.S. Bank
                  Teri Charest, Media Relations, 612/303-0732

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SOURCE: U.S. Bank

"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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