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U.S. Bank Rewards Customers with Home Equity Line That Increases in Value and Honors Loyalty

MINNEAPOLIS--(BUSINESS WIRE)--Oct. 21, 2004--U.S. Bancorp (NYSE:USB)

U.S. Bank is rewarding customers for creating long-term relationships with the bank by introducing a home equity line of credit that increases in value and is portable so customers don't lose that value if they move or refinance their mortgage.

"The U.S. Bank EquiLine Rate Reward is in stark contrast to the way banks have presented home equity products in the past. It truly breaks new ground in building customer relationships," said Trent Spurgeon, vice president of consumer credit at U.S. Bank. "We're starting with a low rate that gets even lower with time. No other bank is as focused on creating long-term value for the customer as U.S. Bank."

The customer opens the line of credit with an interest rate as low as prime. Every six months that rate decreases one quarter of one percent, up to one full percent below prime. If the customer ever needs to close the line, the reward that he or she has earned can be applied to a new home equity line at U.S. Bank. The U.S. Bank EquiLine Rate Reward program is available to customers who apply for a home equity line of credit now through November 12, 2004. Some restrictions apply.

The U.S. Bank EquiLine Rate Reward is available at all U.S. Bank locations, on the Internet at www.usbank.com or by calling 1-800-USBANKS.

U.S. Bancorp (NYSE:USB), with $193 billion in assets, is the 6th largest financial services holding company in the United States. The company operates 2,346 banking offices and 4,621 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 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 Media Relations
             Teri Charest, 612-303-0732

    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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