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101 North First Avenue to Be Renamed U.S. Bank Center

PHOENIX--(BUSINESS WIRE)--Sept. 21, 2004--U.S. Bank will make its mark on the Phoenix skyline when 101 North First Avenue is renamed U.S. Bank Center. U.S. Bank will establish its Arizona regional headquarters at 101 North First Avenue in downtown Phoenix in January 2005.

"U.S. Bank is committed to the Arizona community," said Hope Levin, regional president of U.S. Bank in Arizona. "The U.S. Bank team in Arizona is excited to have our regional headquarters in this recently renovated high-rise."

The U.S. Bank sign will be in place this November, provided installation proceeds as scheduled. One sign will be on the east side of the building, the other on the west side.

U.S. Bank signed an agreement with Amerimar Enterprises, Inc., and will occupy two floors (more than 26,000 square feet) of office space for its commercial banking, private banking, retail banking, equipment leasing, business banking, commercial real estate and homeowner association banking teams starting first quarter 2005. A 3,500 square-foot full-service U.S. Bank branch will open at the street level of the new regional headquarters building.

101 North First Avenue, the second tallest building in the state, is a landmark Arizona building and offers state-of-the-art technology, unsurpassed views, location, and services. A recent, extensive building, common area, and exterior renovations led to another 110,000 square feet of new leasing in just the last year alone.

Currently, U.S. Bank's main office in Arizona is located at 3800 North Central Ave. in Phoenix.

Amerimar Enterprises, Inc. is a Philadelphia-based real estate investment, management and development firm. Affiliates of Amerimar Enterprises, Inc. currently own and manage approximately $750 million of real estate assets throughout the country, including office, residential, retail and mixed-use properties. Amerimar Enterprises, Inc. and Angelo, Gordon & Co. purchased 101 North First in October, 1999. Angelo, Gordon & Co. is a money management firm with approximately $10 billion of firm and client capital under management. Angelo, Gordon & Co. has extensive experience with facilities similar to 101 North First located throughout the United States.

U.S. Bank operates 41 ATMs and 37 branches in Arizona, with 46 branches by the end of 2004, and at least 60 branches by the end of 2005. U.S. Bancorp (NYSE:USB), with assets of $190 billion, is the 6th largest financial services holding company in the United States. The company operates 2,344 banking offices and 4,578 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. Bank Media Relations
             Amy Frantti, 612-303-0733
             Amerimar Enterprises, Inc.
             Judy Klein, 602-257-0070

    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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