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U.S. Bank Provides Loan for Jefferson School Apartments in Salt Lake City

SALT LAKE CITY (July 5, 2005) - U.S. Bank is providing a $5.4 million loan for phase two construction of the Jefferson School Apartments, a mixed-income multifamily development in Salt Lake City. U.S. Bank is working with Housing Management Enterprise (HAME), which is a non-profit subsidiary of the Housing Authority of Salt Lake City.

The new construction and 15-year term loan gives the Housing Authority a tax-exempt rate of interest during the life of the loan.

The 84-unit affordable housing development is located at 1031 SW Temple, near the central business district of Salt Lake City. It will consist of 48 units that will be rent-restricted to households earning 60 percent or less of the Area Median Income. The remaining 36 units will be at market rate rents.

"We're proud of our Jefferson School Apartments complex which is a creative, beautiful community located at the south edge of downtown Salt Lake City," said Rosemary Kappes, president of HAME. "We're now completing construction of the second phase. This project was the first to be built in a distressed area of Salt Lake City. Jefferson School Apartments have changed the texture of the neighborhood and enticed the development of a private condominium project across the street. Thanks to the faith of Mayor Rocky Anderson and the City Council, the dream for upgrading the neighborhood along the light rail line is being realized. We have enjoyed working with the U.S. Bank team, and were very pleased with the ease of negotiating with Sue Groebe, its community development lender, and her staff. We reached acceptable terms of the loan in a very short period of time."

"Quality affordable housing is needed in the Salt Lake City community, and U.S. Bank is glad to do its part to help make it happen," said Damon Miller, president of U.S. Bank in Utah.

U.S. Bank is a subsidiary of U.S. Bancorp (NYSE: USB). With $198 billion in assets, U.S. Bancorp 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. Visit U.S. Bancorp on the web at usbank.com.

Amy Frantti
U.S. Bank Media Relations
(612) 303-0733

"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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