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U.S. Bank Utah 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 the communities the bank serves. In addition to the company's overall rating, the OCC also recognized U.S. Bank's efforts specifically in Utah as "Outstanding." Less than ten percent of financial institutions in the nation received an "Outstanding" CRA rating from the OCC.

"U.S. Bank in Utah takes great pride in the communities where we do business," said Damon Miller, president of U.S. Bank in Utah. "Everyone benefits when communities are stronger and more vibrant."

The OCC Reports that in Utah, U.S. Bank rated "Outstanding" in the lending and investment test ratings, and "high satisfactory" in the service test rating. The OCC reported that the following major factors that support the "Outstanding" rating include:

    --  Community development lending had a significant, positive
        impact on lending performance overall, and all loans were
        responsive to affordable housing needs;

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

    --  U.S. Bank's investment volume is excellent; the bank made 25
        investments totaling $4.6 million in 2001 and 20002; and

    --  Accessibility to U.S. Bank branches is excellent and services
        offered by bank branches are consistent across the branch
        network.

During a nearly year-long examination process, the OCC evaluated U.S. Bank N.A.'s mortgage lending efforts, including home purchases, home improvement and refinance loans, small business, small farm, and consumer lending, as well as community development lending and investments from Jan. 1, 2001 until Dec. 31, 2002.

The OCC report noted most of U.S. Bank's community development loans addressed affordable housing needs or projects that helped to stabilize or revitalize low- to moderate-income areas. Also included in the report was information on U.S. Bank's use of flexible loan programs, several of the bank's nationwide loan programs that support affordable housing as well as small businesses, U.S. Bank's Deferred Assistance Loan program and the American Dream home loan program.

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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