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U.S. Bank Opens 31 of 163 Branches Inside Safeway and Vons; Opens First Six in Northern California Safeway Stores on Nov. 10 and Nov. 24

PLEASANTON, Calif., Nov 10, 2003 (BUSINESS WIRE) -- U.S. Bank will open the first round of the 163 branches planned for Safeway and Vons stores in California, Nevada and Arizona with six opening in Safeway stores on Nov. 10 and Nov. 24 in the northern California cities of: Dublin, Concord, Livermore, Rohnert Park, San Mateo and Vallejo.

The Safeway/Vons expansion is the largest ever for U.S. Bank in-stores, which ranks as the third-largest in-store banking network in the country. The expansion is a source of great excitement for both U.S. Bank and Safeway, Inc.

"U.S. Bank has a long history in northern California and has recently targeted the region for even greater growth, namely through our partnership with Safeway, Inc.," said Rob Brown, regional manager for U.S. Bank in-stores in California. "Our in-store branches are one of the crown jewels for U.S. Bank and we're proud to offer customers full-service banking that they would receive at any traditional branch location, along with convenient hours, convenient locations and Five Star guaranteed service."

The other 21 locations opening in this first round are located in northern California, Phoenix and Las Vegas. The total 163 locations will open gradually over the next two years. U.S. Bank will have a total of 446 in-store branches in 19 states once the Safeway/Vons expansion is completed.

    The seven northern California locations opening are:

    --  First Street Safeway, 1554 First Street, Livermore (Alameda
        County) on Nov. 10;

    --  Dublin Blvd Safeway, 7499 Dublin Blvd., Dublin (Alameda
        County) on Nov. 10;

    --  Willow Pass Rd Safeway, 2600 Willow Pass Road, Concord (Contra
        Costa County) on Nov. 10;

    --  Lincoln Rd Safeway, 702 Lincoln Road W., Vallejo (Solano
        County) on Nov. 10;

    --  Commerce Blvd Safeway, 6340 Commerce Blvd., Rohnert Park
        (Sonoma County) on Nov. 10; and

    --  El Camino Real Safeway, 1655 El Camino Real, San Mateo (San
        Mateo County) on Nov. 24.

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 $189 billion in assets, 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 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
                  or
                  Safeway/Vons
                  Brian Dowling, 925-467-3787

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Copyright (C) 2003 Business Wire.  All rights reserved.

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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