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U.S. Bank Hires Banking Veteran to be Market President in Northern California

SAN FRANCISCO, Jul 18, 2003 (BUSINESS WIRE) -- U.S. Bank has hired Jerry Fair to lead its commercial banking operations and serve as market president in northern California, overseeing a region that includes the San Francisco Bay Area as well as in the communities surrounding Sacramento.

Fair's professional history spans almost 30 years, all with Bank of America where he held a variety of senior executive positions in that bank's global corporate and investment banking group. During his career, Fair was involved in various markets and had assignments in London, Los Angeles, Chicago and San Francisco.

"There is no one more qualified and well suited to lead and expand our business in northern California than Jerry Fair," said David Rainer, president of U.S. Bank in California and leader of the commercial banking teams in California and the western region. "We are confident that with his leadership and depth of expertise, we are well positioned to grow and serve the needs of middle market companies in northern California in a way that is unmatched by any other financial institution."

Before commencing his banking career in San Francisco, Fair served as a U.S. Air Force Captain. He holds a B.A. in economics and an M.B.A.

Fair makes his home in Marin County with his wife, Jean, an architect, and their two daughters. Fair is active in coaching youth sports and has served on a wide variety of community and non-profit boards. He has been a trustee of the Los Angeles County Museum of Art since 1994.

U.S. Bancorp (NYSE:USB), with assets of $195 billion, is the 8th largest financial services holding company in the United States. The company operates 2,199 banking offices and 4,575 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
                  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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