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U.S. Bank Joins $100 Million Commitment to City Neighborhoods; U.S. Bank and City Partner for Market Rate Housing Development

CINCINNATI, Mar 6, 2003 (BUSINESS WIRE) -- U.S. Bank, in cooperation with the City of Cincinnati, today announced a commitment of $33.3 million to the Cincinnati Housing Development Fund to develop new market rate housing. The Fund is a partnership between U.S. Bank, the City of Cincinnati and several other local financial institutions with a total fund amount of $100 million.

Jim Schwab, president of U.S. Bank in Cincinnati, commented, "U.S. Bank has been a part of Cincinnati history for 150 years and this effort to promote and encourage single-family homeownership and multi-family developments in the city for area residents is import to our organization. We have long been committed to helping make this community a better place to live and this is truly an extension of this effort."

The Fund will make loans for the construction and rehabilitation of market rate housing in Cincinnati neighborhoods. Because most loans will be "construction loans" that are all paid back within two years the fund is expected to lead to over $250 million investment in new housing in City neighborhoods over the ten-year life of the fund.

The Fund will be managed by the Cincinnati Development Fund, Inc., a nonprofit lending institution created to finance housing and revitalization in the Cincinnati area. U.S. Bank, along with the other banks involved, will each contribute a representative to a streamlined loan committee that will approve development deals.

"This is the kind of investment and support the City needs in order to stimulate investment and development in our neighborhoods," said Councilmember Pat DeWine, the chief sponsor of the Fund. "We are grateful for U.S. Bank's commitment to our City."

U.S. Bancorp is the parent company of U.S. Bank in Cincinnati. With assets in excess of $180 billion, U.S. Bancorp 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 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 usbank.com.

CONTACT:          U.S. Bank
                  Steve Dale, 612/303-0784

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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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