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U.S. Bancorp Increases Common Stock Dividend

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, 2003.

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 usbank.com.

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

"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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