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

CLEVELAND--(BUSINESS WIRE)--Aug. 12, 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 that U.S. Bank is continuing to meet the credit needs of all its segments of its communities. By comparison, less than ten percent of all financial institutions in the United States received an "Outstanding" CRA rating from the OCC.

"U.S. Bank Cleveland (Cleveland/Lorain/Elyria PMA) is proud to receive the outstanding CRA rating from the OCC," said Kurt C. Treu, executive vice president and president of the Northeast Ohio region. "This rating recognizes the incredible commitment that U.S. Bank and our employees have to the Greater Cleveland Community. We would also like to thank our community partners for their continued support to help achieve the top CRA rating. We certainly could not have done this without them."

The OCC reports that in Cleveland, U.S. Bank was "Outstanding" in both the lending and investment test ratings and "Satisfactory" in the service test rating. The OCC indicated that the factors supporting the "Outstanding" rating are:

    --  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 in the Cleveland
        market; the bank made 112 investments totaling $9.9 million in
        2001 and 2002; and

    --  Accessibility to U.S. Bank branches is excellent in the
        Cleveland/Lorain/Elyria PMA along with consistent services and
        excellent community development services offered 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, partnerships with local governments and non-profit organizations 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 $190 billion in assets, is the 6th largest financial services holding company in the United States. The company operates 2,315 banking offices and 4,565 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 in which the company pays customers if certain key banking benefits and services are not met. U.S. Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp on the web at www.usbank.com.


    CONTACT: U.S. Bank
             Lisa Clark, 608-877-7517

    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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