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U.S. Bank Completes Acquisition of Corporate Trust Business From State Street Corporation

MINNEAPOLIS, Dec 31, 2002 (BUSINESS WIRE) -- U.S. Bancorp (NYSE:USB) announced today that its lead bank, U.S. Bank, N.A., has completed the acquisition of the corporate trust business of State Street Corporation (NYSE:STT), which was first announced on August 13, 2002. As a result of this transaction, U.S. Bank's corporate trust division has acquired approximately 20,000 new client issuances, 365,000 bondholders and $689 billion in assets under administration.

Jerry A. Grundhofer, president and chief executive officer of U.S. Bancorp, noted, "The completion of this transaction positions U.S. Bank solidly in the top tier of corporate trust providers nationally. Also, this makes U.S. Bank the leading corporate trust provider in New England, in addition to our current lead status in the Northwest, West and Central regions of the country. This acquisition complements U.S. Bank's existing corporate trust business and strengthens our competitive position by increasing our existing scale and leveraging our industry leading technology and operational platforms."

Grundhofer added that U.S. Bank is committed to providing its new customers with the same high level of quality services that current U.S. Bank corporate trust customers have come to expect.

As a result of this transaction, U.S. Bank's corporate trust division now has $1.36 trillion in assets under administration, 1.3 million bondholders and 50,000 client issuances. This acquisition clearly establishes U.S. Bank as a leader in the corporate trust industry --- the largest trustee in the area of municipal finance and the third largest in new corporate bond issuances and structured finance.

This transaction gives U.S. Bank's corporate trust division new locations in Boston and Hartford and further enhances its current offices in New York and Los Angeles. Every effort is being made to make this a seamless transition, given that both State Street and U.S. Bank utilize similar technology platforms, which makes this a low risk conversion and integration.

U.S. Bank now has 26 corporate trust offices across the country and offers a complete line of trust services. U.S. Bank serves as trustee and paying agent for the issuance of taxable and non-taxable securities, including the review of documents and indentures, registration and authentication of bonds, receipts and disbursement of bond sale proceeds, successor trusteeships, escrow account services and transfer and paying agency services. Also, U.S. Bank provides mortgage-backed and asset-backed securitizations, money market paying agency services, bond and tax administration, escrow services and document custody services.

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

    Forward-Looking Statements

This press release contains forward-looking statements. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements. These forward-looking statements cover, among other things, anticipated earnings impact of the acquisition and future integration activities. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated, including the following, in addition to those contained in the Company's reports on file with the SEC: (i) general economic or industry conditions could be less favorable than expected, resulting in a deterioration in credit quality; (ii) the Company could encounter unforeseen complications in connection with the ongoing integration of the products, operations and information systems of Firstar Corporation and with the former U.S. Bancorp that could adversely affect the Company's operations or customer relationships; and (iii) the acquisition of State Street's corporate trust business may not produce revenue enhancements or cost savings at levels or within time frames originally anticipated, or may result in unforeseen integration difficulties. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update them in light of new information or future events.

CONTACT:          U.S. Bancorp 
                  Steve Dale, 612/303-0784 (Media)
                  H.D. McCullough, 612/303-0786 (Analysts)
                  Judith Murphy, 612/303-0783 (Analysts)

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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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