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U.S. Bancorp Announces Quarterly Common Stock Dividend

MINNEAPOLIS, Mar 17, 2004 (BUSINESS WIRE) -- The board of directors of U.S. Bancorp (NYSE:USB) has declared a quarterly dividend of $0.24 per common share, payable April 15, 2004 to shareholders of record at the close of business on March 31, 2004. At this quarterly dividend rate, the annual dividend is equivalent to $0.96 per common share.

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 141 consecutive years. The most recent increase in the U.S. Bancorp common share dividend was announced on December 16, 2003, when the dividend rate was raised 17 percent to its current rate from $0.82 on an annualized basis, or $0.205 on a quarterly basis.

U.S. Bancorp is also recognized by Standard & Poor's in the "S&P 500 Dividend Aristocrats" list which features 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.

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. Bancorp

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

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Copyright (C) 2004 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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