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U.S. Bancorp Names Richard Hartnack as New Head of Consumer Banking Division and Joseph Otting to Lead Commercial Banking Division

MINNEAPOLIS--(BUSINESS WIRE)--March 17, 2005--

Additionally, U.S. Bancorp Aligns Retail Payment Services

Richard C. Hartnack has been named as the new head of U.S. Bancorp's consumer banking division and Joseph M. Otting has been named to run U.S. Bank's wholesale middle market business. Both Hartnack and Otting will report directly to Richard K. Davis, president and chief operating officer of U.S. Bancorp, effective April 5, 2005.

The promotions of Hartnack and Otting complete the alignment of U.S. Bancorp's business operating units under Davis. Other executive managers who report to Davis include: Joseph E. Hasten, vice chairman of corporate banking and corporate payment systems; Andrew Cecere, vice chairman of private client, trust and asset management; Pamela A. Joseph, who is vice chairman of U.S. Bancorp payment services; and Richard J. Hidy, executive vice president and chief risk officer.

Hartnack and Otting will also be members of the corporation's 13-person 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.

As head of the consumer banking division, Hartnack will be responsible for U.S. Bank's metropolitan branch banking, community banking, 24-hour banking and financial sales, home mortgage, consumer lending and finance, in-store and corporate on-site banking, business equipment finance, small business banking, workplace and student banking, SBA lending, retail bank operations, corporate marketing and quality and U.S. Bancorp's investments and insurance.

Davis noted, "Rick is a great addition to our management team. With more than 34 years of experience in banking and financial services, he has the perfect background to head our consumer banking group. Rick brings with him a well respected national reputation as an outstanding consumer banker. His wealth of experience, history of significant accomplishments and strong leadership skills will be tremendous assets to the organization."

Prior to joining U.S. Bancorp, Hartnack was with Union Bank of California for 14 years, where he was responsible for community banking, consumer banking, private banking, small business banking, brokerage, mortgage lending, insurance and all trust and investment services. From 1982 until 1991, Hartnack was with First Chicago Corporation in various management positions, the last being executive vice president, which included responsibility for consumer banking, personal trust, brokerage and small business activities. His banking career also includes being a senior vice president of First Interstate Bank of Oregon where he spent 11 years, mostly in the corporate banking division.

Hartnack has held board positions with the U.S. Region of MasterCard, Inc. and the 12th District Federal Reserve Bank. Additionally, he was first vice chair of the California Chamber of Commerce and has served on numerous other civic and industry related boards during his career.

Hartnack also served as a captain in the U.S. Marine Corps and was awarded 14 Air Medals and the Navy Commendation Medal with Combat 'V'. He flew 220 combat missions during his military career. He has a bachelor's degree from UCLA and a master's degree from Stanford University. He is married and has three adult children.

Otting, who has been with the organization for more than three years, has been given increased responsibilities and will now manage U.S. Bank's entire wholesale middle market division. Otting joined U.S. Bank in December 2001 as president of U.S. Bank in Oregon. Prior to joining U.S. Bank, Otting's career in banking included 16 years with Union Bank of California, where he was executive vice president and group head of commercial banking.

Davis commented, "Joseph has done an outstanding job as the leader of our wholesale middle market business in the 10 state eastern portion of our franchise. He has the vision and the leadership qualities we need to help move our wholesale middle market business to the next level of success. Joseph has an extensive background and experience in the commercial banking sector that makes him uniquely qualified for this executive management position."

During his career he has served on a variety of high profile boards including the Minnesota Chamber of Commerce, Los Angeles Chamber of Commerce and on the board and executive committee of the Los Angeles Economic Development Corporation. Otting holds a bachelor's degree from the University of Northern Iowa in Cedar Falls, Iowa. Otting and his wife reside in Minneapolis.

Additionally, U.S. Bancorp's retail payment business will be aligned under Pamela Joseph. As a result, Patricia A. Wesner, executive vice president of retail payment solutions will become part of Joseph's payment team. Wesner will continue to manage U.S. Bank's consumer and small business credit card services, affinity cards, co-brand cards, debit and prepaid products.

Davis remarked, "The combination of the company's retail credit and debit card issuing business with its merchant acquiring business, creates opportunities for synergies, while providing additional focus on our goal of being a recognized leader in relationship-based payment services."

Joseph is also chairman, president and chief executive officer of Atlanta-based NOVA Information Systems, Inc., a wholly-owned subsidiary of U.S. Bancorp that manages and facilitates payment processing on behalf of retailers, financial institutions, associations, government agencies, and independent sales organizations. Joseph is also responsible for managing all operations of NOVA, Transaction Services and EuroConex.

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
(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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