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CORRECTING and REPLACING U.S. Bancorp's Teresa Bonner and Christine Hobrough Honored by Minneapolis/St. Paul Business Journal as Top Women in Business

MINNEAPOLIS--(BUSINESS WIRE)--July 23, 2004--In BW5041 issued July 23, 2004: The headline, the first and fourth sentences of the first graph should read: Minneapolis/St. Paul Business Journal (sted Twin Cities Business Journal).

The corrected release reads:

U.S. BANCORP'S TERESA BONNER AND CHRISTINE HOBROUGH HONORED BY MINNEAPOLIS/ST. PAUL BUSINESS JOURNAL AS TOP WOMEN IN BUSINESS

Two U.S. Bancorp (NYSE:USB) executives have been honored by the Minneapolis/St. Paul Business Journal. Teresa Bonner, director of the U.S. Bancorp Foundation and vice president of corporate community relations, and Christine Hobrough, Twin Cities regional market manager and senior vice president for U.S. Bank, were named two of The Business Journal's Women in Business honorees for 2004. Bonner, Hobrough and the other honorees were recognized during an awards luncheon at the Minneapolis Hilton in downtown Minneapolis today. All honorees are featured in the Women in Business special publication in the Friday, July 23 edition of the Minneapolis/St. Paul Business Journal.

"U.S. Bancorp extends its congratulations to Teresa Bonner and Christine Hobrough, who are highly deserving of this honor," said Jerry A. Grundhofer, Chairman, President and Chief Executive Officer, U.S. Bancorp. "Their contributions to the company and community are tremendous and we are proud of both of them."

Bonner was named one of the 25 Women Changemakers. The Women Changemakers award represents professionals who have made an impact in the Twin Cities, have spearheaded changes with an impact on their businesses, industry and the community. Bonner, who has been with U.S. Bancorp since 1998, directs the activities of the U.S. Bancorp Foundation company-wide and manages corporate and headquarters community relations activities. She serves as the key contact for civic and non-profit organizations in the Twin Cities, oversees administration of the Foundation's extensive grants program in the company's 24-state footprint, and directs corporate volunteerism programs, including the United Way campaign in the Twin Cities. During her tenure with the company, Bonner also served as vice president of community development for U.S. Bank as well as director of community affairs for U.S. Bancorp Piper Jaffray.

Bonner currently chairs the board of MacPhail Center for Music, and serves as a national advisory board member for Ten Thousand Things Theater Company, is a member of Minneapolis Mayor R. T. Rybak's Arts and Cultural Advisory Committee, and the National Convening Planning Committee for Grantmakers Concerned with Immigrants and Refugees. She earned her bachelor's degree magna cum laude from the University of North Dakota and attended the University of Minnesota Law School.

Hobrough was named one of the 25 Women to Watch and was selected because of her professional achievements, leadership qualities and drive, as well as her potential to be in the spotlight for years to come. Hobrough has been with U.S. Bank for 21 years, starting as a teller in St. Paul, Minn. Hobrough is in charge of all 71 U.S. Bank branches in the U.S. Bank headquarters Twin Cities market. She has held positions in information systems, consumer lending as well as numerous branch manager assignments. Hobrough has held market and district manager positions with the bank in Denver, Chicago, Milwaukee and most recently in the Twin Cities.

Hobrough earned her bachelor's degree from the University of Minnesota, and is in the process of completing her master's degree in finance from the University of St. Thomas in St. Paul. She serves on the board of the Minnesota Children's Museum and Project for Pride in Living. She is a former board member for the Minnesota Children's Museum.

U.S. Bancorp, with assets of $190 billion, is the 6th largest financial services holding company in the United States. The company operates 2,315 banking offices and 4,565 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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