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U.S. Bancorp Elects Hartnack and Otting to Vice Chairman Positions

MINNEAPOLIS--(BUSINESS WIRE)--April 27, 2005--The board of directors of U.S. Bancorp (NYSE:USB) recently elected Richard Hartnack and Joseph Otting to vice chairman positions. Richard Davis, president and chief operating officer of U.S. Bancorp, announced their new positions.

Hartnack joined U.S. Bancorp in April as the new head of the consumer banking division. At the same time, Otting was promoted to lead commercial banking for the company. Both will continue in their respective positions and will serve as members of the corporation's managing committee, which comprises the highest-ranking executives within the organization and is chaired by Jerry Grundhofer, chairman and chief executive officer of U.S. Bancorp.

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.

Otting joined U.S. Bank in December 2001 as president of U.S. Bank in Oregon. Prior to his new responsibilities as head of commercial banking, Otting led commercial banking teams in the eastern half of the U.S. Bank 24-state footprint.

U.S. Bancorp, with $198 billion in assets, is the 6th largest financial holding company in the United States. The company operates 2,377 banking offices and 4,654 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, Media Relations, 612-303-0784
H. D. McCullough, Investor Relations, 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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