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U.S. Bank Finances Midwest's First ''Universally Designed'' Housing Development; Great Interior/Exterior Shots Available

ST. LOUIS--(BUSINESS WIRE)--March 21, 2005--One of the nation's first "universally designed" large-scale multifamily developments recently opened in St. Louis. The $13 million, 80- unit, three-story development, called 6 North, by McCormack Baron Salazar, was financed by U.S. Bank (NYSE:USB).

The project included a $1.5 million HUD grant to include universal design features such as an accessible route to the front door, adjustable-height countertop kitchen island, adjustable height closet shelving and rods, front loading washer and dryer, easily accessible power outlets, community room, fitness center, coffee shop and more.

Richard D. Baron, chairman and chief executive officer of McCormack Baron Salazar, said, "I believe universal design will become a standard form of architectural design for future housing developments. McCormack Baron Salazar is pleased to be the developer of such a facility which will serve as a model nationwide for universal design."

Steve Kramer, vice president of U.S. Bancorp Community Development Corporation, said that U.S. Bank was also honored to be a part of such a "forward thinking" development and the continued revitalization of the Central West End and the City of St. Louis. "The successful completion of innovative projects like the 6 North Development is a shining example of why we so strongly value our long standing relationship with McCormack Baron Salazar," Kramer added.

The development was financed with a $4 million U.S. Bank loan and a $5 million affordable housing tax credit equity investment structured by U.S. Bancorp Community Development Corporation, with additional funds provided by the Missouri Housing Development Commission and the Affordable Housing Commission of the City of St. Louis. U.S. Bank also made a $1.3 million donation to Urban Strategies, Inc., an affiliate of McCormack Baron Salazar, to assist in the financing of the project.

CONTACT: U.S. Bank
Lisa H. Clark
608-877-7517

SOURCE: U.S. Bank

"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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