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U.S. Bank Colorado Receives 'Outstanding' CRA Rating

MINNEAPOLIS--(BUSINESS WIRE)--June 7, 2004--U.S. Bank National Association has been awarded 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). By awarding this rating, the OCC acknowledged U.S. Bank's leadership role in meeting the credit needs of all segments of its communities. Less than ten percent of financial institutions in the U.S. received an "Outstanding" CRA rating from the OCC. The OCC also recognized U.S. Bank's efforts in Colorado as "Outstanding".

"U.S. Bank Colorado is proud to receive another outstanding CRA rating, as we did in our last CRA exam in 2000," said Mark Smith, president of U.S. Bank in Denver. "It recognizes the continuing hard work of our employees who serve our communities with excellence. Also, we recognize and thank our community partners for their support in helping us achieve this top CRA rating. We couldn't have done it without them."

The OCC reports that in Colorado, U.S. Bank was "Outstanding" in the lending and investment test ratings, and "high satisfactory" in the service test rating. The OCC indicated the major factors supporting the "Outstanding" rating are:

    --  Lending performance was excellent;

    --  Community development lending was excellent with the bank
        originating 45 CD loans totaling $123 million. Most loans were
        for affordable housing, an identified need, but some involved
        projects that stabilized or revitalized low and moderate
        income areas;

    --  The distribution of loans to geographies of different income
        levels was excellent;

    --  U.S. Bank demonstrated excellent responsiveness to the
        investment needs of the state with a volume of 284 investments
        totaling $63 million; and

    --  Accessibility to U.S. Bank branches was good and the bank
        provided an excellent level of community development service
        through significant participation on boards of community
        development organizations and in services targeted to meet the
        identified needs of affordable housing and economic

"Although our performance in Colorado was very strong, we can always do more. We will continue to strive to be better because we believe that when we seriously invest in our communities, we all benefit," said Smith.

During a nearly year-long examination process, the OCC evaluated U.S. Bank N.A.'s mortgage lending, including home purchases, home improvement and refinance loans, small business, small farm, and consumer lending, plus community development lending and investments from Jan. 1, 2001 until Dec. 31, 2002. The report also included information on U.S. Bank's use of flexible loan programs.

Congress passed the CRA in 1977 to ensure that financial institutions meet the credit needs of all areas that the institution serves, including low- and moderate-income areas and people. Financial institutions, including banks, are examined in lending, investment and service categories every two years.

U.S. Bancorp (NYSE:USB), with assets of $192 billion, 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. 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

    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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