MINNEAPOLIS, Mar 12, 2003 (BUSINESS WIRE) -- The board of directors of U.S.
Bancorp (NYSE:USB) has approved an increase in the dividend rate on U.S. Bancorp
common stock to $0.82 on an annualized basis, or $0.205 on a quarterly basis.
The quarterly common stock dividend of $0.205 per common share is payable on
April 15, 2003 to shareholders of record at the close of business on March 31,
Jerry A. Grundhofer, chairman, president and chief executive officer of U.S.
Bancorp, commented, "This company is committed to maximizing shareholder value,
and this latest dividend increase demonstrates our continuing commitment to
provide shareholders with a tangible reward for investing in U.S. Bancorp."
U.S. Bancorp, through its predecessor companies, has increased its annual
dividend rate in each of the past 31 years and has paid a dividend for 140
consecutive years. This increase in the dividend rate on U.S. Bancorp's common
stock represents an increase of more than five percent. The last increase in
U.S. Bancorp's common stock dividend was on March 12, 2002, when the dividend
rate was raised to $0.78 on an annualized basis, or $0.195 on a quarterly basis.
U.S. Bancorp, with assets in excess of $180 billion, 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
CONTACT: U.S. Bancorp
Steve Dale (Media), 612/303-0784
H. D. McCullough (Analysts), 612/303-0786
Judy Murphy (Analysts), 612/303-0783
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SOURCE: U.S. Bancorp