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U.S. Bank to Open 40 New Branch Locations Inside Safeway Stores in the Phoenix Area by Summer 2004

All U.S. Bank Branches in Arizona to Be Open 7 Days-a-Week Starting Nov. 10

PHOENIX, Nov 10, 2003 (BUSINESS WIRE) -- U.S. Bank will open 40 branches at Safeway stores in the Phoenix area by summer 2004, which will bring approximately 250 new jobs to the market. The first seven new U.S. Bank locations will open on Monday, Nov. 10 at 10 a.m.; one will open at 520 West Osborn Road in Phoenix on Monday, Nov. 24. In addition, all U.S. Bank traditional and in-store branches in Arizona will be open seven days-a-week starting Monday, Nov. 10. U.S. Bank will be the only bank in Arizona with all of its in-store and traditional branches open seven-days-a-week.

Eight new in-store branches means that eight new banking teams are being hired. They will be led by branch managers who are already in place:

    --  Nick Pezzorello, 1060 East Ray Road, Chandler;

    --  Raoul Zubia, 1855 North Power Road, Mesa;

    --  Nancy Feilbach, 520 West Osborn Road, Phoenix;

    --  Vivan Sandoval, 1159 West Chandler Blvd., Phoenix;

    --  Patrick Muir, 18495 East Queen Creek Road, Queen Creek;

    --  Gaynette Williams, 20901 North Pima Road, Scottsdale;

    --  Randee Campbell, 32551 North Scottsdale Road, Scottsdale; and

    --  James McNeil, 1515 East Elliot Road, Tempe.

"U.S. Bank's growth in the Phoenix area will allow our customers greater convenience," said Amy Hurd, regional manager for in-store banking at U.S. Bank in Arizona. "The new U.S. Bank branches in Safeway stores will offer a full range of services. 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 U.S. Bank ATM. We look forward to seeing our customers and meeting new ones. Stop by and see us."

In addition to the eight Phoenix area locations, U.S. Bank will open 17 in-store branches at Safeway stores in California and seven in the Las Vegas area on Nov. 10 and Nov. 24.

In September, U.S. Bank and Safeway announced plans to open 163 new in-store branches in Safeway and Vons stores in Arizona, California and Nevada over the next two years. This will be the largest in-store expansion and partnership venture in U.S. Bancorp's 140-year history. U.S. Bank has 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.)

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. The Tucson in-store branches will open up during the latter half of 2004.

Safeway Inc. (NYSE:SWY) 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 (NYSE:USB), with assets of $189 billion, is the 8th largest financial services holding company in the United States. The company operates 2,201 banking offices and 4,506 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.


CONTACT:          U.S. Bank
                  Steve Dale, 612-303-0784
                  U.S. Bank
                  Amy Frantti, 612-303-0733
                  Brian Dowling, 925-467-3787

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"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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