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U.S. Bancorp Announces 25 Percent Increase in Quarterly Common Stock Dividend and Authorizes New 150 Million Share Repurchase Program

MINNEAPOLIS--(BUSINESS WIRE)--Dec. 21, 2004--The board of directors of U.S. Bancorp (NYSE:USB) has approved a 25 percent increase in the dividend rate on U.S. Bancorp common stock to $1.20 on an annualized basis, or $0.30 on a quarterly basis. The quarterly common stock dividend of $0.30 per common share is payable on January 17, 2005, to shareholders of record at the close of business on December 31, 2004.

The board of directors of U.S. Bancorp also authorized today a program to repurchase up to 150 million shares of its outstanding common stock. This new authorization replaces the company's current share repurchase program. U.S. Bancorp's shares of common stock may be repurchased during the next 24 months in the open market or in privately negotiated transactions. The reacquired common shares will be held as treasury shares and may be reissued for various corporate purposes.

Jerry A. Grundhofer, chairman and chief executive officer of U.S. Bancorp, stated, "Increasing the dividend by 25 percent and authorizing a new 150 million share repurchase program are both important components of our plan to continue our commitment to return at least 80 percent of our earnings to our shareholders. We are very proud of U.S. Bancorp's long history of paying a dividend, which provides our shareholders with an additional reward for investing in our company."

Also, as a result of the significant improvement in the risk profile of the company over the past three years and the company's ability to generate considerable amounts of capital due to its high level of profitability, U.S. Bancorp announced plans to reduce its targeted tangible common equity ratio to 6.00 percent from 6.25 percent.

U.S. Bancorp, through its predecessor companies, has now increased its dividend rate in each of the past 33 years and will have paid a dividend for 142 consecutive years as of January 17, 2005. Prior to this increase U.S. Bancorp's dividend on an annualized basis was $0.96, or $0.24 on a quarterly basis.

In the past, U.S. Bancorp has also been recognized by Standard & Poor's in the "S&P 500 Dividend Aristocrats" list, which features companies that have increased their dividend for at least 25 consecutive years. Of the top ten companies that have paid a dividend the longest, six of these companies, including U.S. Bancorp, are headquartered in the United States, according to S&P.

U.S. Bancorp, 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 usbank.com.

    CONTACT: U.S. Bancorp
             Steve Dale, 612-303-0784 (Media)
             H. D. McCullough, 612-303-0786 (Analysts)
             Judy Murphy, 612-303-0783 (Analysts)

    SOURCE: U.S. Bancorp
"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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