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
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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SOURCE: U.S. Bancorp