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U.S. Bank Consumer Lending Reaches Milestone; Hires Banking Veteran to Lead Expansion

CINCINNATI, Jun 27, 2003 (BUSINESS WIRE) -- The U.S. Bank Consumer Lending Recreation Finance Division has reach a milestone surpassing $1 billion dollars in outstanding loans this month.

U.S. Bank has been an increasingly strong player in the recreation finance arena since the hire of veterans Chris Renn and Jeff Smith in 2001. Renn and Smith built on the bank's 15 years in the industry and led initiatives to become the preferred lender for recreational vehicle and marine manufacturers including Jayco, Starcraft and Sundowner.

As this milestone is achieved, the U.S. Bank Consumer Lending Division is also announcing the hire of an industry expert to start a manufactured housing finance business. Abdul Rajput will lead the company's entrance into the manufactured housing finance business with a strategy similar to that of recreation finance, partnering with reputable, preferred dealers and manufacturers and indirect sales to a customer base with low-risk demographics like that of the recreation finance consumer. With more than 20 years in the manufactured housing finance industry, Rajput will build on the successes he has experienced throughout his career.

"We are keenly aware of what it takes to succeed in this industry. I am confident that with Abdul's leadership and our proven track record with start-up operations, we will be successful while differentiating ourselves from others in the manufactured housing industry," said Randy Griffith, executive vice president of U.S. Bank Consumer Lending. "We're thrilled to welcome Abdul as we celebrate another milestone in the company."

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. Bank

CONTACT:          U.S. Bank Media Relations
                  Teri Charest, 612/303-0732

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SOURCE: U.S. Bank

"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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