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U.S. Bancorp Announces 17 Percent Jump in Common Stock Dividend

MINNEAPOLIS, Dec 16, 2003 (BUSINESS WIRE) -- The board of directors of U.S. Bancorp (NYSE:USB) has approved an increase of approximately 17 percent in the dividend rate on U.S. Bancorp common stock to $0.96 on an annualized basis, or $0.24 on a quarterly basis. The quarterly common stock dividend of $0.24 per common share is payable on January 15, 2004 to shareholders of record at the close of business on December 31, 2003.

Jerry A. Grundhofer, chairman, president and chief executive officer of U.S. Bancorp, noted, "We are very proud of U.S. Bancorp's long history of paying a dividend which provides our shareholders with a reward for investing in our company. Additionally, this dividend increase reflects the board of director's confidence in U.S. Bancorp's financial strength and in the future of the corporation."

U.S. Bancorp, through its predecessor companies, has increased its annual dividend rate in each of the past 32 years and has paid a dividend for 140 consecutive years. U.S. Bancorp is also recognized by Standard & Poor's in the "S&P 500 Dividend Aristocrats" list which features only 59 companies that have increased their dividend for at least 25 consecutive years. S&P also notes that only nine other issues have paid a dividend longer than U.S. Bancorp, which first paid a dividend in 1863. Of the top ten companies that have paid a dividend the longest, only six of these companies, including U.S. Bancorp, are headquartered in the United States.

The most recent previous increase in the U.S. Bancorp common share dividend was announced on March 12, 2003, when the dividend rate was raised to $0.82 on an annualized basis, or $0.205 on a quarterly basis.

U.S. Bancorp, 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.

SOURCE: U.S. Bancorp

CONTACT:          U.S. Bancorp
                  Steve Dale, 612-303-0784 (Media)
                  H. D. McCullough, 612-303-0786 (Analysts)
                  Judy Murphy, 612-303-0783 (Analysts)

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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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