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Sal Maglietta to Lead U.S. Bancorp Equipment Finance

PORTLAND, Ore.--(BUSINESS WIRE)--Feb. 25, 2005--U.S. Bancorp (NYSE:USB) today announced that Sal Maglietta has been named president and CEO of U.S. Bancorp Equipment Finance, Inc. Maglietta replaces William Purcell, the company's current president and CEO, who announced in 2004 his plans to leave the organization. The Portland-based U.S. Bancorp Equipment Finance is one of the largest bank-affiliated equipment finance companies in the United States and has sales offices located in major metropolitan cities across the country. Maglietta will be based in Portland and report to Joseph Hasten, vice chairman of U.S. Bancorp.

As president and CEO, Maglietta will lead and oversee all operations of U.S. Bancorp Equipment Finance, which is composed of four business units, including the Capital Equipment Group, U.S. Bancorp Oliver-Allen, Machine Tool Finance Group and Indirect Finance and Syndications Group.

Hasten commented, "I am pleased that we have been able to attract someone with Sal's impressive background and experience to lead this dynamic line of business. His knowledge and expertise will help us to continue to pursue innovative solutions for customers seeking financing for capital equipment. Sal joins a team of highly motivated bankers who are committed to providing flexible and competitive rates and terms on virtually any capital equipment acquisition."

Maglietta joins U.S. Bancorp Equipment Finance after partnering with Parthenon Capital in Boston where they pursued equity investments in financial services. Prior to that he was with Citibank in New York where he was CEO of Citicapital Equipment Finance, a division of Citigroup. During part of his 24 years with Citigroup he managed strategic business units and products including vendor finance, tax exempt financing, master leasing, small business finance, mortgage securitization, leverage leasing and franchise finance.

A graduate of Manhattan College in Riverdale, New York, Maglietta also has a master's degree from Pace University Graduate School of Business.

Regarding Purcell's departure, Hasten noted, "Bill has done an outstanding job for us during his 20 years with the organization. I can truly appreciate his decision to pursue his entrepreneurial endeavors and I wish him the very best."

U.S. Bancorp Equipment Finance has assets of more than $4 billion and offices across the country. It is one of the largest bank-affiliated equipment finance companies in the United States, and is a major national funding source for companies in nearly every market sector. Transactions range in size from $50,000 to $30 million. Products range from traditional loans to a variety of lease-oriented financing. U.S. Bancorp Equipment Finance, Inc. recognizes the importance of long-term relationships and works to strengthen relationships by using our industry expertise and providing superior customer service. For more information about U.S. Bancorp Equipment Finance, visit www.usbank.com/leasing.

U.S. Bancorp, with $195 billion in assets, is the 6th largest bank holding company in the United States. The company operates 2,370 banking offices and 4,620 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, 612-303-0784 Teri Charest, 612-303-0732 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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