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U.S. Bancorp Foundation Awards Grants to Denver Community Groups

DENVER--(BUSINESS WIRE)--July 14, 2004--Denver area nonprofit organizations were recently awarded more than $174,000 in grants by the U.S. Bancorp (NYSE:USB) Foundation. Mark Smith, president of U.S. Bank in Denver, announced the affordable housing, artistic and cultural enrichment, economic development and education grants.

"The Denver community is very fortunate to have these topnotch organizations working to help improve the quality of life for everyone," said Smith. "U.S. Bank is delighted to support them."

Affordable Housing:
--  Del Norte Neighborhood Development Corp. - to support its
    affordable housing development programs; and
--  Uptown Partnership - to assist with funding its affordable
    housing programs.

Artistic & Cultural Enrichment:
--  ArtReach - to assist with its distribution of free tickets to
    community and cultural events for under-served Denver area
--  Denver Art Museum - to support its member's Mondays programs;
--  Denver Center for the Performing Arts - to enhance its education
    and outreach programs for youth;
--  Denver Museum of Nature and Science - to fund its community
    outreach education programs;
--  Denver Zoological Foundation - to help fund its education
--  Downtown Aurora Visual Arts - to provide support for its community
    arts programs in original downtown Aurora;
--  Opera Colorado - to help make its education and outreach programs
    for children a reality; and
--  Rocky Mountain Arts Associations - to support its chorus season.

Economic Development:
--  Center for Work Education and Employment - for its education and
    training programs that help people move toward self-sufficiency;
--  Community Resource Center - to provide support for its online
    Colorado Grants Guide and the Colorado Nonprofit Leadership and
    Management program and statewide workshop;
--  Goodwill Industries - to help support its School to Work programs
    for at risk youth;
--  Urban League of Metro Denver - to assist with funding its
    employment and education programs; and
--  Work Options for Women - to support its culinary training programs
    that help women move toward self-sufficiency.

--  Adams 14 Education Foundation - to support its educational
--  Denver Area Council, Boy Scouts of America - for its inner city,
    neighborhood-based urban scouting program;
--  Junior Achievement - to help its economic education programs;
--  Metro State College of Denver - to support its Arts Builds
    Communities program, providing arts education in housing authority
--  Public Education and Business Coalition - to enhance teaching and
    learning work in public schools in Colorado;
--  Summer Scholars - to support its education programs for Northeast
    Denver youth; and
--  The Jefferson Foundation - to assist with its special education
    programs in Jefferson County schools.

U.S. Bancorp, with assets of $192 billion, is the 6th largest financial services holding company in the United States. The company operates 2,275 banking offices and 4,472 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. Bancorp
             Amy Frantti, 612-303-0733

    SOURCE: U.S. Bancorp
"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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