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U.S. Bank Provides $250,000 Equity Investment for CommunityWorks in North Dakota

BISMARCK, N.D. (August 23, 2005) — U.S. Bank is providing a $250,000 equity investment to CommunityWorks, a non-profit housing assistance organization in Bismarck, N.D. The investment dollars will be used for the nonprofit's “DREAM fund” revolving loan program.

DREAM is an acronym for Down payment and closing costs, Rehabilitation loans, Emergency repairs, And other construction costs, Mortgage assistance for income and appraisal gaps.

“CommunityWorks is currently offering affordable housing assistance and services in 34 counties in North Dakota, and this investment from U.S. Bank will provide significant capacity for us to reach all parts of the state,” said Paul Rechlin, executive director of CommunityWorks.

“U.S. Bank is committed to the long-term growth and stability of our communities in the state of North Dakota, and providing this investment towards the efforts of CommunityWorks will serve to assist prospective and current homeowners with needed programs,” said Ron Robson, state president of U.S. Bank in North Dakota.

The mission of CommunityWorks is to develop and promote programs and activities that will provide affordable housing for low and moderate income residents of North Dakota and Corson County, South Dakota.

U.S. Bank is a subsidiary of U.S. Bancorp (NYSE: USB). With $204 billion in assets, U.S. Bancorp 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. Visit U.S. Bancorp on the web at usbank.com.

CONTACT:
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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