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U.S. Bancorp Announces Redemption of 7.20 Percent Trust Originated Preferred Securities of USB Capital II

MINNEAPOLIS, Mar 4, 2003 (BUSINESS WIRE) -- U.S. Bancorp (NYSE:USB) announced that its subsidiary company, USB Capital II, will redeem 100 percent of its 7.20 percent Trust Originated Preferred Securities (NYSE: USB PRA; CUSIP No. 90332M2008) on April 1, 2003. The redemption price for the securities is $25 per preferred security, plus accumulated and unpaid distributions thereon to the date of redemption. Distributions will cease to accumulate on and after that date. The outstanding principal amount represented by the 7.20 percent Trust Originated Preferred Securities is $350,000,000.

Minneapolis-based U.S. Bancorp, with $180 billion in assets, is the 8th largest financial services holding company in the United States. The company operates 2,142 banking offices and 4,604 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 the parent company of U.S. Bank. Visit U.S. Bancorp on the web at usbank.com.

CONTACT:          U.S. Bancorp
                  Investor Relations
                  Judith T. Murphy, 612/303-0783
                  or
                  U.S. Bancorp
                  Media Relations
                  Steve Dale, 612/303-0784

(c) 2003 Business Wire. All reproduction, other than for an individual user`s reference, is prohibited without prior written permission.

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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