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U.S. Bank to Open 12 New Branch Locations Inside Safeway Stores in the Phoenix Area

PHOENIX, Mar 22, 2004 (BUSINESS WIRE) -- U.S. Bank is opening 12 more branches inside Safeway stores in the Phoenix area today and early spring. This will make a total of 30 U.S. Bank in-store and traditional branches in the Phoenix area. These new branches will be open seven days-a-week like all U.S. Bank traditional and in-store branches in Arizona.

Twelve new banking teams have been hired at the new branch locations. They are led by the following branch managers:

    March 22 openings:

    --  Kara Pflueger, 3655 W. Anthem Way, Anthem;

    --  Kristen Surrat, 5080 West Olive, Glendale;

    --  Cara Perish, 5860 West Thunderbird, Glendale;

    --  Keith Aguilar, 12320 N. 83rd Ave., Peoria;

    --  Mark Deba, 6817 West Peoria, Peoria;

    --  Erin Carney, 340 East McDowell Road, Phoenix;

    --  Michael Gallagher, 3450 West Bell Road, Phoenix;

    --  Lori Perrone, 18631 N. 19th Ave., Phoenix;

    --  Will Campbell, 4811 N. 83rd Ave., Phoenix; and

    --  Robert Hoffman, 6202 S. 16th St., Phoenix.

    Early spring openings:

    --  John Comito, 440 North Estrella Parkway, Goodyear; and

    --  Paul Edises, 9101 East Baseline Road, Mesa.

Hours of operation are Monday through Saturday from 10 a.m. until 7 p.m., and from noon until 5 p.m. Sundays.

"These 12 U.S. Bank branches in Safeway stores will offer a full range of services, like all of our in-store and traditional branches in Arizona," said Amy Hurd, regional manager for in-store banking at U.S. Bank in Arizona. "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."

In September 2003, U.S. Bank and Safeway announced plans to open a total of 163 new in-store branches in Safeway and Vons stores in Arizona, California and Nevada through fourth quarter 2005. This is the largest in-store expansion and partnership venture in U.S. Bancorp 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
                  Amy Frantti, 612-303-0733

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"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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