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U.S. Bank Expands Its Presence in Arizona

PHOENIX--(BUSINESS WIRE)--Oct. 25, 2004--U.S. Bank has further expanded its retail operations in Arizona with eight branches opening on Monday, Oct. 25 in Tucson and the Phoenix neighborhood of Ahwatukee. In addition, one branch will open in Peoria, Arizona, on Thursday, Nov. 18.

"The team at U.S. Bank is very excited about expanding in Arizona," said Hope Levin, regional president of U.S. Bank in Arizona. "U.S. Bank is committed to the Arizona community, and the huge growth of our retail operations from a four branch presence in the state, to 46 by the end of 2004 and 60 branches by the end of 2005, is proof of this commitment."

To celebrate the openings, festivities included a ribbon-cutting ceremony on Monday, Oct. 25 at the 9050 East Valencia Road location in Tucson, which included a check presentation to Casa de los Ninos, a nonprofit organization that helps prevent child abuse and neglect by offering services that promote child safety and family stability. Representatives of U.S. Bank, Safeway and Casa de los Ninos attended. In addition, customers have a chance to win $10,000 in a "Go for the Grand" contest. Contest registrations will be available at participating locations through Dec. 10, 2004. Ten contestants will be randomly chosen to participate in the contest, which takes place in Jan. 2005. "Go for the Grand" involves arranging items sold at the store in a particular order that is kept secret until the contest begins. If a contestant's list matches the official Safeway shopping list, the contestant will be awarded $10,000. All ten finalists at each location will receive a $100 Safeway Gift Card. Contest rules and regulations are available at participating locations.

The new in-store locations are led by the following branch managers:

-- Brad Martz, 4005 East Chandler Blvd., Ahwatukee/Phoenix;

-- Matt Ackerman, 20713 N. 83rd Ave., Peoria;

-- Carol Stout, 6360 East Golf Links Road; Tucson;

-- Donna Williams, 1767 East Prince Road; Tucson;

-- Robin Hoyle, 7110 North Oracle Road; Tucson;

-- Robin Wentz-Gamboa, 9705 North Thornydale Road; Tucson;

-- Angelo Vassallo, 10380 East Broadway Blvd.; Tucson;

-- Susan Sasiadek, 9050 East Valencia Road; Tucson; and

-- Raul Paz, 9100 North Silverbell Road; Tucson.

These new locations are open seven days a week like all U.S. Bank traditional and in-store branches in Arizona. Hours of operation are Monday through Saturday from 10 a.m. until 7 p.m., and from noon until 5 p.m. Sundays.

In September 2003, U.S. Bank and Safeway (NYSE:SWY) announced plans to open a total of 163 new in-store branches in Safeway and Vons stores in Arizona, California and Nevada through fourth quarter 2005. This is the largest in-store expansion and partnership venture in U.S. Bancorp history. U.S. Bank has the third-largest in-store branch-banking network in the United States and will have a total of 456 in-store branches in 19 states once the Safeway/Vons expansion is completed.

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 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 usbank.com.

"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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