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U.S. Bank Opens More Branch Locations Inside Safeway and Vons Stores in California

LOS ANGELES--(BUSINESS WIRE)--March 18, 2004--U.S. Bank will open eight more branches at Safeway, Vons and Pavilions stores in California on March 22 as part of its on-going expansion into a total of 163 Safeway, Vons and Pavilions locations in California, Arizona and Nevada by the end of 2005.

The eight new locations opening on March 22 are the:

-- Fremont Safeway at 46848 Mission Blvd. in Fremont;

-- Mendocino Safeway at 2300 Mendocino Ave. in Santa Rosa;

-- South Hwy 65 Safeway at 405 South Highway 65 in Lincoln;

-- Mission Gorge Vons at 9643 Mission Gorge Road in Santee;

-- La Crescenta Vons at 3233 Foothill Blvd. in La Crescenta;

-- Ximeno Ave Vons at 1820 Ximeno Avenue in Long Beach;

-- McBean Pkwy Pavilions at 27095 McBean Parkway in Santa Clarita and

-- Victoria & Telegraph Vons at 6040 Telegraph Road in Ventura.

In addition, U.S. Bank opened a location at the Hamilton Avenue Safeway at 1530 Hamilton Avenue in San Jose on Feb. 23, and will be opening seven more locations in California in April and one in May. U.S. Bank will also open 11 in-store branches at Safeway locations in the Phoenix area and one inside Vons in Las Vegas in March. "These U.S. Bank branches in Safeway, Vons and Pavilions stores will offer a full range of services, like all of our in-store branches in California," said Rob Brown, regional manager of in-store banking for U.S. Bank in California. "Customers can open accounts, take advantage of investment opportunities, get a loan for a car, mortgage, boat, home improvement or debt consolidation. Each location will also have a full-service U.S. Bank ATM."

U.S. Bank and Safeway announced plans in September 2003 to open a total of 163 new in-store branches in Safeway and Vons stores in Arizona, California and Nevada. This is the largest in-store expansion and partnership venture in U.S. Bank history. U.S. Bank has the third-largest in-store branch-banking network in the United States and will have a total of 456 in-store branches in 19 states once the Safeway/Vons expansion is completed.

Safeway Inc. (NYSE:SWY) is a Fortune 50 company and one of the largest food and drug retailers in North America based on sales. The company operates 1,817 stores in the United States and Canada and had annual sales from continuing operations of $35.6 billion in 2003.

U.S. Bancorp (NYSE:USB), 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.

CONTACT: U.S. Bank Media Relations, Teri Charest, 612-303-0732

"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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