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U.S. Bank to Open 163 New in-Store Branch Locations Inside Safeway and Vons Stores

MINNEAPOLIS & PLEASANTON, Calif., Sep 2, 2003 (BUSINESS WIRE) -- U.S. Bancorp's (NYSE:USB) national bank subsidiary, U.S. Bank, has entered into a definitive agreement to expand its relationship with the supermarket retailer Safeway Inc. (NYSE:SWY) by opening 163 new full-service in-store banking locations during the next two years in California, Arizona and Nevada stores. This will be the largest in-store expansion and partnership venture in U.S. Bancorp's 140-year history. U.S. Bank is the third-largest in-store branch-banking network in the United States and will have a total of 446 in-store branches in 19 states once the Safeway/Vons expansion is completed. (Vons is a division of Safeway Inc.)

"Our partnership with Safeway Inc. is a great way to reach out to busy people who like the convenience of one-stop shopping," said Richard Davis, vice chairman of commercial and consumer banking for U.S. Bancorp. "It is the goal of U.S. Bank and Safeway Inc. to give customers the highest levels of convenience and service. We feel very fortunate to have such an outstanding partner as Safeway in this venture in California, Arizona and Nevada. For 140 years U.S. Bank has placed a major emphasis on service quality and personal attention to its customers. These are traits we admire and values that are shared by Safeway and Vons, which also incorporate customer-driven strategies into their day-to-day operations."

The new 163 U.S. Bank in-store branches are scheduled to begin opening inside Safeway and Vons stores in the fall of 2003. U.S. Bank will open 119 of the total 163 in-store branches inside Safeway locations in Sacramento, the Greater San Francisco Bay Area, Phoenix and Tucson. U.S. Bank will open the remaining 44 new in-store locations inside Vons stores in the Los Angles/Orange/Riverside County region, San Diego and Las Vegas. Currently, U.S. Bank has branches in all of these markets except for Tucson, where this will be U.S. Bank's introduction to that city.

"We are constantly looking for ways to give our customers added value and convenience," remarked Donald Kingsborough, president of Safeway marketing services. "This partnership with U.S. Bank will further accommodate the needs of our soon-to-be shared customers. We are delighted that our customers will now be able to efficiently and quickly do their shopping and banking all in one high quality location. U.S. Bank is a strong partner and has an outstanding record of being committed to quality customer service."

The new U.S. Bank locations inside Safeway and Vons stores will offer a full range of services and will be open seven-days-a-week. In addition to opening checking accounts, customers can conveniently transact business on savings, CDs, IRAs and other investment opportunities, or get a loan for a car, mortgage, boat, home improvement or debt consolidation. Each location will also have a full-service ATM.

U.S. Bank is home of the exclusive Five Star Service Guarantee, which assures customers of certain key banking benefits. If for any reason U.S. Bank fails to deliver on its guarantee it will pay the customer, in addition to making the situation right.

U.S. Bank currently has locations inside six Safeway stores in the Seattle, Washington market.

Safeway Inc. is a Fortune 50 company and one of the largest food and drug retailers in North America based on sales. The company operates 1,702 stores in the United States and Canada and had annual sales from continuing operations of $32.4 billion in 2002.

U.S. Bancorp, 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
                  Steve Dale, 612-303-0784
                  Teri Charest, 612-303-0732
                  or
                  Safeway, N. Calif.
                  Alexander Winslow, 925-467-2057
                  Vons, S. Calif.
                  Sandra Calderon, 626-821-7291

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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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