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U.S. Bank Honored as Business of the Year by Municipal League of King County

SEATTLE--(BUSINESS WIRE)--May 27, 2004--U.S. Bank was honored at the Municipal League of King County's 45th Annual Civic Awards Luncheon on May 27 at the Westin Hotel in downtown Seattle. David Horsey, Pulitzer prize-winning cartoonist with the Seattle Post-Intelligencer, delivered the keynote address.

U.S. Bank received the Business of the Year Award for its work in the community, notably in helping establish the Get Banked Program. Under the Get Banked program, tenants in several low-income housing projects can build credit histories and learn financial skills from bank employees while earning a small rent rebate and a matching contribution for saving money throughout the 12-month program.

In addition, U.S. Bank's employees are encouraged to participate in community-building activities, and have made a valuable difference to KING5 Television's Home Team Harvest, the United Way Day of Caring, Dress for Success and the Central Area Development Association's Better Homes project.

Since 1910, the Municipal League has engaged citizens in the public discourse over important decisions affecting the future of King County. The League is a multi-partisan organization that researches issues, evaluates candidates and mobilizes support in the name of empowered citizens making informed choices. Municipal League Civic Awards honor people and organizations whose efforts improve our region and inspire great citizenship in all of us.

Ken Kirkpatrick, president of U.S. Bank in the Puget Sound region, said, "It is truly an honor to be awarded with the Business of the Year Award because it affirms U.S. Bank's philosophy of giving back to the community."

U.S. Bank recently earned an "outstanding" rating, the highest rating possible, by the Office of the Comptroller of the Currency (OCC) for its commitment to the letter and spirit of the Community Reinvestment Act (CRA).

U.S. Bank is a subsidiary of U.S. Bancorp (NYSE:USB). With assets of $192 billion, U.S. Bancorp is the 7th largest financial services holding company in the United States. The company operates 2,275 banking offices and 4,472 ATMs in 24 states 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. Visit U.S. Bancorp on the web at usbank.com.

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

    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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