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U.S. Bancorp Names Mccullough to New Payment Services Division Position and Murphy Moves Into Top Investor Relations Position

MINNEAPOLIS--(BUSINESS WIRE)--July 20, 2005--U.S. Bancorp (NYSE:USB) has named H.D. "Mac" McCullough to a newly created leadership position where he will serve as the strategist and director of mergers and acquisitions for the company's payment services division. As a result, Judith T. Murphy has been promoted to senior vice president and director of investor relations for U.S. Bancorp, effective immediately.

In his new role, McCullough, 48, will help steer the organization's fast growing payment services division, including card issuing, card acquiring and ATM and debit transaction processing. He will report directly to Pamela Joseph, U.S. Bancorp vice chairman of the payment services division and chief executive officer of the company's wholly-owned payments subsidiary, NOVA Information Systems. McCullough directed investor relations since the merger of Firstar Corporation and U.S. Bancorp in 2001. Previously, he held positions in corporate development, financial analysis and planning, acquisition due diligence, external reporting and risk management.

"Mac has provided critical financial insight to U.S. Bancorp's executive leaders in his role as director of investor relations, and we look forward to extending that intellect to U.S. Bancorp's rapidly growing payments business," Joseph said. "We're fortunate and thrilled to see him join the payment services team."

Murphy, 51, has been with U.S. Bancorp since 1983 and has worked in investor relations since 1997. She has held positions in finance and planning, commercial loan administration and the comptrollers group. In her new role, she will be the primary contact for institutional investors and sell-side analysts and will report directly to David Moffett, vice chairman and chief financial officer of U.S. Bancorp.

"Judy has been an important part of our relationship with investors and analysts for many years and we welcome her expertise as director of investor relations," said Moffett. "This group is instrumental in the development and reporting of financial information and we have great confidence in Judy's leadership of this vital component of U.S. Bancorp's financial team. Additionally, this is a great opportunity for Mac to take on a new challenge and responsibilities within the organization."

U.S. Bancorp (NYSE:USB), with $204 billion in assets, is the 6th largest financial holding company in the United States. The company operates 2,383 banking offices and 4,877 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, 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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