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U.S. Bank Helps Lower Income Working Families

DENVER, Aug 21, 2003 (BUSINESS WIRE) -- U.S. Bank in Denver helped lower income working families save tax preparation fees and receive refunds of federal Earned Income Tax Credits (EITC). U.S. Bank donated office space at its downtown Champa location (918 17th Street) during the 2002 tax season. U.S. Bank also provided two bilingual Spanish and English speaking bankers to offer financial literacy training and one-on-one counseling.

"U.S. Bank's support enabled the Internal Revenue Service to operate its downtown Volunteer Income Tax Assistance (VITA) site. Over 1,700 low-income, non-English speaking and elderly customers were assisted," said Ben Hodges, IRS management and program analyst. "Many of them would have had to pay to get their federal and State of Colorado tax returns prepared. U.S. Bank's contribution helped save low-income families over $260,000 in income tax preparation fees and returned over $600,000 in federal EITC to Denver families."

"U.S. Bank is glad to be a partner with the IRS and The Piton Foundation in this important project which helps local families build their financial strength and invest in creating assets for their future," said Mike DiPetro, district manager and senior vice president of retail banking for U.S. Bank in Denver. "U.S. Bank sales and service manager Cynthia Anglada made this partnership possible through her community outreach. Her hard work and commitment is the major reason why the program is successful and why it's expanding to additional branches within the Denver area, as well as to the outlying areas in Colorado, Wyoming and Montana."

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 Media Relations
                  Amy Frantti, 612-303-0733
                  amy.frantti@usbank.com

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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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