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U.S. Bank Names Mike Michael New Portland Market President

PORTLAND, Ore., Aug 7, 2003 (BUSINESS WIRE) -- (NYSE:USB)

U.S. Bank has named Ralph S. (Mike) Michael to lead commercial banking and serve as the market president for U.S. Bank in Portland. Michael succeeds Joseph M. Otting who was promoted to lead all commercial banking efforts for U.S. Bank in its eastern U.S. territory. Michael begins his work in Portland on Monday, Aug. 11.

"Mike brings tremendous attributes to this position, both personally and professionally," said David I. Rainer, head of commercial banking in U.S. Bancorp's western region. "His work both in the financial services industry and in the community is admired by many who have known him over the years, and I am thrilled that his talents and energy will now be devoted to U.S. Bank customers, employees, community stakeholders and shareholders in Portland. Mike is a 'roll-up the sleeves and let's get to work' type of banker who will spend most of his time working with customers, talking and visiting with employees and getting to know the Portland community and its leaders."

A 28-year banking veteran, Michael, 48, most recently worked for PNC Financial Services Group in Pittsburgh, where he was executive vice president and group executive leading the company's private client banking, capital markets, large corporate banking and leasing businesses. In prior positions, Michael also led treasury management and was instrumental in creating PNC's electronic invoicing and payment presentment system. From May 1992 to February 1996, Michael was market president overseeing PNC Bank in Ohio and northern Kentucky.

In addition to his successes in banking, Michael is an active community leader, an area that he strongly believes in and will continue with his new responsibilities in Portland. Michael is past chairman of the Greater Cincinnati United Way campaign, vice chairman of Cincinnati Business Committee and has served on numerous local boards throughout his career including Children's Hospital of Pittsburgh and Xavier University.

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
                  or
                  Steve Dale, 612-303-0784

(c) 2003 Business Wire. All reproduction, other than for an individual user`s reference, 
is prohibited without prior written permission.

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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