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U.S. Bancorp's Jennie Carlson and Diane Thormodsgard Honored by Finance and Commerce as ''Top Women in Finance''

MINNEAPOLIS--(BUSINESS WIRE)--Oct. 28, 2005--Two U.S. Bancorp (NYSE:USB) executives have been honored by Finance and Commerce. Jennie Carlson, executive vice president and director of human resources, and Diane Thormodsgard, president of Corporate Trust, Institutional Trust & Custody Services, were named two of the 15 "Top Women in Finance." Carlson, Thormodsgard and the 13 other honorees were recognized during an awards luncheon at the Marriott City Center in downtown Minneapolis on Tuesday, Oct. 25. All honorees are featured in the "Top Women in Finance" special publication in the Oct. 27 edition of Finance and Commerce. This is the first time that two people from one company have won a "Top Women in Finance" award the same year.

"U.S. Bancorp is proud of Jennie and Diane for their outstanding contributions to the company," said Jerry Grundhofer, chairman and chief executive officer, U.S. Bancorp. "Jennie's exemplary leadership overseeing the company's employment and employee relations areas, which include recruiting, succession planning and leadership development, is admired by many. Diane has an extensive record of exceptional performance, having orchestrated the largest corporate trust acquisition in the history of the industry. Jennie and Diane have earned this honor."

Carlson is responsible for U.S. Bancorp's employment and employee relations areas, which include recruiting, succession planning and leadership development. She is also responsible for U.S. Bancorp's payroll function, which exceeds $2 billion annually, and the design and administration of the company's employee health and welfare, and retirement plans. Before assuming her position in human resources, Carlson was a member of the U.S. Bancorp legal team. She led the legal group as general counsel and corporate secretary at Firstar and Star Bank, predecessor companies to U.S. Bancorp. Carlson also successfully managed the legal aspects of a number of bank mergers for the company.

Carlson currently serves on the board of directors of the Minneapolis Children's Theatre Company and the Minnesota Center for Book Arts. Carlson earned her juris doctorate from Vanderbilt University School of Law and a bachelor's degree from Centre College of Kentucky. She resides in Edina, Minnesota, with her husband, Richard, and their daughter.

Thormodsgard manages the Corporate Trust Services business line, which is a leading provider of corporate trust and escrow services in the country. She also manages Institutional Trust & Custody Services, which offers retirement, investment and custody services to clients through its national network of offices. Thormodsgard is responsible for total revenues of approximately $450 million; $2.0 trillion in assets under administration; 760,000 bondholders; as well as 1,500 employees; and 70 offices throughout the United States.

Thormodsgard serves on the boards of the St. Paul Chamber of Commerce, St. Paul Chamber Orchestra, Minnesota Church Foundation, and Central Corridor Partnership. She is also a member of the Lutheran Social Services Finance Committee, Minnesota Society of Certified Public Accountants and American Institute of Certified Public Accountants. Thormodsgard earned a Masters of Business Administration from the University of Minnesota and a Bachelor of Arts degree in mathematics, economics, and accounting from Luther College in Decorah, Iowa. She resides in Plymouth, Minnesota, with her husband, Gaylord.

U.S. Bancorp, with assets of $207 billion, is the 6th largest financial services holding company in the United States. The company operates 2,396 banking offices and 4,986 ATMs, 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 which assures customers of certain key banking benefits and services or customers will be paid for their inconvenience. 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
Media Relations
Amy Frantti, 612-303-0733

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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