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U.S. Bancorp Places 26th Overall and 3rd Among Banks on National Ranking of Top Performing Companies

MINNEAPOLIS, Mar 27, 2003 (BUSINESS WIRE) -- U.S. Bancorp (NYSE:USB) ranked 26th among companies evaluated in the seventh annual BusinessWeek 50 listing of top performers on the Standard & Poor's 500-stock index, and earned a third place showing among 29 banks listed.

U.S. Bancorp earned an A, the highest grade possible, in five of the eight key criteria of financial success: one-year total return, sales growth over the past three years, one-year profit growth, three-year profit growth and net margin.

BusinessWeek noted in the April 2003 special issue that management "has reshaped the new entity in Firstar's image - a retail bank with excellent customer service." They added that "the bank's high-margin payment services business has grown 26%, helping to fuel a 95% increase in net income last year."

"Our placement in this year's ranking is a reflection of the dedicated and diligent work of every employee at U.S. Bancorp as we grow together and continue to provide value to customers and our shareholders," said Jerry A. Grundofer, president, chairman and chief executive officer of U.S. Bancorp. "We also congratulate our colleauges and customers who join us in the top 50."

William Kupper, president and publisher of BusinessWeek, commented in a letter to Grundhofer that in a year of economic and geo-political challenges, only the best companies do well. "That U.S. Bancorp has weathered these tests and prospered in the face of them is a real testament to your leadership," Kupper noted, congratulating the company on its performance.

U.S. Bancorp is the parent company of U.S. Bank. 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. Visit U.S. Bancorp on the web at usbank.com.

CONTACT:          U.S. Bancorp
                  Teri Charest, 612/303-0732

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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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