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U.S. Bank Increases SBA Loans by 47 Percent in 2003

MINNEAPOLIS, Nov 12, 2003 (BUSINESS WIRE) -- U.S. Bank, one of America's leading Small Business Administration (SBA) lenders, increased its SBA loan production by 47 percent based on actual loans and by 11 percent based on dollar volume in 2003.

Through its SBA Division, U.S. Bank provided record overall SBA loans of $535,863,809 to 1,793 businesses nationwide. The total includes 1,653 SBA guaranteed loans for $431,652,100 and 140 non-guaranteed, SBA-related loans for $104,211,709 during SBA's fiscal 2003, which ended Sept. 30.

According to the SBA, U.S. Bank ranked second among bank lenders making SBA guaranteed loans for the year and fourth among bank and non-bank lenders based on dollar volume.

"We are especially pleased with our results this year because we were able to overcome the five-month SBA mandated loan cap with the flexibility of adding non-guaranteed financing to meet the special needs of 140 customers," said David Bartram, president of U.S. Bank's SBA Division. "In 2004 we are expecting to grow our business through enhanced referral relationships with our partners within U.S. Bank who will continue to market the benefits of SBA financing to our customers."

U.S. Bank is the leading SBA lender based on loan dollar volume in the individual SBA Districts of St. Louis, Santa Ana, Los Angeles, San Francisco, and the entire states of California and Nevada. Additionally, U.S. Bank ranked second in the Minnesota, Nebraska, Seattle, and Portland SBA Districts in terms of dollar volume.

U.S. Bancorp, with assets of $189 billion, is the eighth 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 SBA
                  Brian Butler, 858-536-4545 ext. 204

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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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