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Pamela Joseph Named as New Chairman, President and Chief Executive Officer of NOVA Information Systems

ATLANTA, Nov 3, 2004 (BUSINESS WIRE) -- Pamela A. Joseph was named today as the new chairman, president and chief executive officer of Atlanta-based NOVA Information Systems, Inc., a wholly-owned subsidiary of U.S. Bancorp (NYSE:USB) that manages and facilitates payment processing on behalf of retailers, financial institutions, associations, government agencies, and independent sales organizations. Richard K. Davis, president and chief operating officer of U.S. Bancorp announced Joseph's new position. She will now be responsible for managing all operations of NOVA, Transaction Services and EuroConex. As chairman and chief executive officer, Joseph replaces Edward Grzedzinski who has left the organization to pursue other interests.

Davis commented, "Pam has more than 20 years of experience in the financial services business and has been an important part of the success of NOVA. She has done an outstanding job for the organization and I know that she will do an equally strong job as chairman and chief executive officer of NOVA. Pam has earned her new position and is committed to providing great customer service and continuing to further and grow the NOVA brand."

Prior to this announcement Joseph, age 45, was president and chief operating officer and was responsible for all business development and operational functions of NOVA Information Systems and managing all merger and acquisitions activities. In her new position Joseph will report directly to Davis and be a member of U.S. Bancorp's 10 member managing committee, which is comprised of the highest-ranking executives within the organization.

Joseph joined NOVA in July 1994 as vice president of marketing. She was named senior vice president, business development in December 1995, chief information officer in January 1997, senior executive vice president of business development in September 2001, and president and chief operating officer in February 2004.

Before joining NOVA, Joseph served nearly three years with VISA International as director of new market development. In this position, she was responsible for the development of VISA acceptance in the supermarket industry. Prior to her tenure with VISA, Joseph served more than eight years in the banking industry with Wells Fargo Bank, where she held various senior sales and marketing positions.

In addition to her position at NOVA, Joseph is a member of the Visa Acquirer Board, as well as a member of the Board of Directors Network, which is responsible for getting women appointed to boards. Joseph earned a bachelor's degree in business administration from the University of Illinois at Champaign-Urbana. She resides in Atlanta with her husband and three children.

NOVA, the third largest payment processor, specializes in providing integrated credit and debit card payment processing, electronic check conversion, related software applications, and value-added services in the United States and in Europe through EuroConex. Transaction Services provides ATM and debit card processing solutions to financial institutions, merchants and sales partners throughout the U.S.

NOVA Information Systems, a leader in the payment processing industry. NOVA partners with financial institutions, independent sales organizations, associations, government agencies and community banks to offer integrated payment processing services to their merchants and retailers. NOVA's products include credit and debit card processing services, software applications, electronic check conversion, gift card solutions and other value-added services to more than 700,000 merchant locations in the United States and Europe. For more information visit www.novainfo.com.

U.S. Bancorp (NYSE:USB), with $193 billion in assets, is the 6th largest bank 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 www.usbank.com.

SOURCE: U.S. Bancorp

U.S. Bancorp
Steve Dale (Media), 612-303-0784
H. D. McCullough (Analysts), 612-303-0786
"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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