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U.S. Bancorp Foundation Awards Grants to 13 San Diego Organizations

SAN DIEGO, May 8, 2003 (BUSINESS WIRE) -- Thirteen San Diego area organizations recently received grants from U.S. Bank through the U.S. Bancorp Foundation. The grants were made in the Economic Opportunity funding category. Economic opportunity grants are given to organizations that provide affordable housing, encourage self-sufficiency and assist economic development.

    The grants, totaling $80,950, were awarded to:

    --  ACCION to assist with operational support in providing
        business loans to micro-enterprise owners who do not qualify
        for bank loans;

    --  CDC Small Business Finance Corporation to sustain and expand
        its community loan program infrastructure and support the
        Technical Assistance program provided to low-to-moderate
        income businesses free of charge;

    --  Consumer Credit Counseling Service to support the "Get
        Checking" and "Credit When Credit is Due" financial literacy

    --  East County Economic Development Council for the continued
        expansion of the Connectory.com Regional Buyer-Supplier

    --  El Cajon Community Development Corporation to assist with
        revitalization efforts in the City of El Cajon's downtown

    --  Faith Based Community Development Corporation for the Faith
        Based Financial Literacy Training Program that will teach
        fundamental principles of good stewardship and money
        management skills designed to increase economic capacity;

    --  LISC San Diego to support the development of affordable
        housing, the building of community facilities (child care and
        health centers) and economic development;

    --  Occupational Training Services for job training and employment
        services for economically disadvantaged under employed persons
        in San Diego;

    --  Home Loan Counseling Service to assist with the delivery of
        home buyer education classes, credit counseling and down
        payment assistance programs that they offer countywide;

    --  San Diego Housing Federation for capacity building services,
        training and education for nonprofit and for profit developers
        of affordable housing;

    --  Second Chance/STRIVE for the Prisoner Re-entry Employment
        Program (PREP!), which combines case management, transitional
        alcohol and drug free housing, mental health services with the
        STRIVE job readiness program;

    --  North County Small Business Development Center to assist in
        their mission of increasing the economic vitality of the
        community by helping small businesses and entrepreneurs build
        a foundation for success; and

    --  Wakeland Housing & Development Corporation for development of
        affordable housing.

U.S. Bancorp (NYSE:USB), with assets in excess of $182 billion, is the 8th largest financial services holding company in the United States. The company operates 2,200 banking offices and 4,582 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.

SOURCE: U.S. Bancorp

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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