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