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U.S. Bank to Open 15 New Branch Locations Inside Smith's Food & Drug Stores

SALT LAKE CITY, Feb 17, 2004 (BUSINESS WIRE) -- U.S. Bank has entered into a definitive agreement to establish a relationship with the supermarket retailer Smith's Food & Drug by opening 15 new full-service in-store banking locations in Utah during the spring of 2004. Fourteen of the locations will be along the Wasatch Front in the Salt Lake City metro district; one will be located in southern Utah. More than 70 new employees will be hired to work at these branches. U.S. Bank branches will be replacing Zions Bank branches at those locations. U.S. Bank is the third-largest in-store branch-banking network in the United States.

"We couldn't be more excited about our new partnership with Smith's," said Damon Miller, president of U.S. Bank in Utah. "Smith's is a premier supermarket offering convenient locations, top quality products and great service. Our customers will benefit from the convenience of one-stop shopping and can take advantage of our on-site full-service branches. They can open accounts, transact business on CDs, IRAs and other investment opportunities, or get a loan for a car, boat, mortgage, home improvement or debt consolidation. Each in-store branch location at Smith's will also have a full-service U.S. Bank ATM."

Currently, U.S. Bank has 90 ATMs in Utah, 27 traditional branches in Utah, including one at C.R. England in Salt Lake City, one in Park City, three in southern Utah, and three in-store branches inside SuperTarget stores in the Salt Lake City metro. This move will extend U.S. Bank's presence in Utah to 42 full-service branches and 105 ATMs, providing customers with the third largest banking network in the state.

"The U.S. Bank team is looking forward to serving our customers and providing outstanding service at the new branches," said Kristy Bayless, in-store district manager for U.S. Bank in Utah. "We're glad to join forces with Smith's who shares our commitment to customer service."

"In-store banking is an important part of our commitment to Smith's customers that we will provide both quality and convenience throughout our stores," said James Hallsey, Smith's president. "We welcome this new partnership with U.S. Bank to provide that service to our customers in these 15 locations."

U.S. Bank branches will open inside the following Smith's locations:

    --  156 South Main Street, Brigham City;
    --  600 South Main Street, Cedar City;
    --  212 East 12300 South, Draper;
    --  550 North Main Street, Heber City;
    --  665 West 5300 South, Murray;
    --  1485 Harrison Blvd., Ogden;
    --  4275 Harrison Blvd., Ogden;
    --  632 South 100 West, Payson;
    --  210 East 700 South, Pleasant Grove;
    --  350 North Freedom Boulevard, Provo;
    --  4065 South Redwood Road, Salt Lake City;
    --  1634 West South Jordan Parkway, South Jordan;
    --  2353 North Main Street, Sunset;
    --  951 West 1700 South, Syracuse; and
    --  2399 South Main, Woods Cross.

The new U.S. Bank locations inside Smith's will be open six-days-a-week, Monday through Saturday.

U.S. Bank is home of the exclusive Five Star Service Guarantee, which assures customers of certain key banking benefits. If for any reason U.S. Bank fails to deliver on its guarantee it will pay the customer, in addition to making the situation right.

Smith's is a division of The Kroger Co. (NYSE:KR), one of the nation's largest grocery retailers. From its offices in Salt Lake City, Utah Smith's operates a total of 126 stores in seven western states, including 45 in Utah.

U.S. Bancorp, with assets of $189 billion, is the 8th largest financial services holding company in the United States. The company operates 2,243 banking offices and 4,425 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. Bank

CONTACT:          U.S. Bank
                  Steve Dale, 612-303-0784
                  Amy Frantti, 612-303-0733
                  or 
                  Smith's Food & Drug
                  Marsha Gilford, 801-973-1700

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Copyright (C) 2004 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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