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U.S. Bank's Community Development Corporation Moves to Historic Washington Avenue

ST. LOUIS, Jan 8, 2003 (BUSINESS WIRE) -- U.S. Bank's (NYSE:USB) Community Development Corporation has moved its offices from suburban Clayton to the heart of the Washington Avenue Loft District that it has played a role in renovating.

Kathy Bader, U.S. Bank Community Development Corporation chairman, said the $1 billion asset group, based at 1232 Washington Avenue, makes and manages U.S. Bank's nationwide tax credit equity investment portfolio of historic and affordable housing projects. Its 7,000 square foot office, located on the second floor of the Rudman Building at the corner of 13th and Washington, currently houses 13 employees.

"We hope to add three more asset managers at the beginning of 2003," said Bader, who noted that U.S. Bank also has three regional community development offices in Portland, Kansas City and Minneapolis. Bader says the group plans to have an open house in the first quarter of 2003.

Zack Boyers, vice president of U.S. Bank's Community Development Corporation, said, "We are thrilled to relocate into this uniquely grand historic district of downtown St. Louis. The neighborhood is vibrant with new life and development activity, and we're grateful for the chance to participate in its rebirth. Our tax credit program has been effective at making possible financing for numerous projects possible, including our new building, "Rudman on the Park," Terra Cotta Lofts, and many more. We will continue to be an eager advocate for developers and investors in downtown St. Louis by using the tax credit programs and construction financing, to see this area arise to its true potential."

Beth Stohr, president of U.S. Bank's Community Development Corporation, said, "I am proud that our group is also serving as an agent in the revitalization of many needed downtown urban housing projects. In downtown St. Louis alone, we have provided financing for over 500 new apartments and condominiums with well over $100,000,000 committed. Financing for other critical commercial downtown developments--such as the Westin Hotel--also totals well over $100,000,000. With nearly $300,000,000 committed to downtown's revitalization, we felt that the Washington Avenue Loft District was the place for U.S. Bank's Community Development Corporation to be."

U.S. Bank is a subsidiary of U.S. Bancorp. With assets in excess of $174 billion, it 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 delivers quality customer service, articulated by its Five Star Service Guarantee, or it pays customers 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. Bank
                  Lisa Clark, 608/877-7517

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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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