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U.S. Bank Opens 32 of 163 Branches inside Safeway and Vons; Opens First 11 in Southern California Vons Stores on Nov. 10 and Nov. 24

LOS ANGELES, 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 11 opening in Vons stores on Nov. 10 and Nov. 24 in the southern California cities of: Corona, Fontana, Garden Grove, Glendale, Lakewood, Newport Coast, San Pedro, Thousand Oaks and Upland.

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.

"Our in-store branches are one of the crown jewels for U.S. Bank," said Rob Brown, regional manager for U.S. Bank in-stores in California. "Southern California is a high-growth market 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 11 southern California locations opening are:

    --  North Glendale Ave Vons, 561 N. Glendale Ave., Glendale
        (Los Angeles County) on Nov. 10;

    --  West Los Feliz Blvd Vons, 311 W. Los Feliz Blvd., Glendale
        (Los Angeles County) on Nov. 10;

    --  Woodruff Ave Vons, 4226 Woodruff Ave., Lakewood (Los Angeles
        County) on Nov. 10;

    --  Gaffey Street Vons, 1221 Gaffey St., San Pedro (Los Angeles
        County) on Nov. 10;

    --  Valley View Vons, 11861 Valley View St., Garden Grove (Orange
        County) on Nov. 24;

    --  Newport Coast Dr Vons, 21181 Newport Coast Drive,
        Newport Coast (Orange County) on Nov. 10;

    --  Magnolia Ave Vons, 369 Magnolia Ave., Corona (Riverside
        County) on Nov. 10;

    --  West Foothill Blvd Vons, 81 West Foothill Blvd, Upland
        (San Bernadino County) on Nov. 10;

    --  Cherry Ave Vons, 7390 Cherry Ave., Fontana (San Bernadino
        County) on Nov. 10;

    --  North Moorpark Rd Vons, 1790 Moorpark Road, Thousand Oaks
        (Ventura County) on Nov. 10; and

    --  Avenida De Las Arboles Vons, 2048 Avenida De Las Arboles,
        Thousand Oaks (Ventura County) on Nov. 10.

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. Bancorp

CONTACT:          U.S. Bancorp
                  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. Bancorp

"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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