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Pamela Joseph Elected as New Vice Chairman of U.S. Bancorp

MINNEAPOLIS--(BUSINESS WIRE)--Dec. 22, 2004--The board of directors of U.S. Bancorp (NYSE:USB) have elected Pamela A. Joseph to the position of vice chairman. Joseph is chairman, president and chief executive officer of Atlanta-based NOVA Information Systems, Inc., a wholly-owned subsidiary of U.S. Bancorp. Richard K. Davis, president and chief operating officer of U.S. Bancorp announced Joseph's new position.

Joseph, 45, is also one of 10 members of the corporation's managing committee, which is comprised of the highest-ranking executives within the organization and chaired by Jerry A. Grundhofer, chairman and chief executive officer of U.S. Bancorp.

Davis commented, "Pam has done an outstanding job for the organization and justly deserves and has earned this new position. The vote of confidence shown by the board of directors in electing her as a vice chairman is shared by senior management."

As vice chairman, Joseph will continue as chairman, president and chief executive officer of NOVA that manages and facilitates payment processing on behalf of retailers, financial institutions, associations, government agencies, and independent sales organizations. She is also responsible for managing all operations of the organization's Transaction Services and EuroConex. Joseph, with more than 20 years of financial service experience, joined NOVA in 1994 and was named to her current position in November of this year.

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 United States.

NOVA Information Systems, a leader in the payment processing industry, is a wholly owned subsidiary of U.S. Bancorp (NYSE:USB). 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 750,000 merchant locations in the United States, Canada 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.


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

    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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