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U.S. Bancorp Announces 10 Percent Increase in Quarterly Common Stock Dividend; U.S. Bancorp Increases Dividend for 34th Consecutive Year

MINNEAPOLIS--(BUSINESS WIRE)--Dec. 20, 2005--The board of directors of U.S. Bancorp (NYSE:USB) has approved a 10 percent increase in the dividend rate on U.S. Bancorp common stock to $1.32 on an annualized basis, or $0.33 on a quarterly basis. The quarterly common stock dividend of $0.33 per common share is payable on January 16, 2006 to shareholders of record at the close of business on December 30, 2005.

Jerry A. Grundhofer, chairman and chief executive officer of U.S. Bancorp, stated, "This announcement represents 34 consecutive years of increasing our dividend. Since 1993 our dividend has shown a compounded annual growth rate of 19.6 percent. We recognize that our dividend program is an important part of our shareholders' total return on their investment in U.S. Bancorp. Today's increase in the dividend and our current share repurchase program are both important components of our plan to continue our commitment to return at least 80 percent of our earnings to our shareholders."

U.S. Bancorp, since 1863 through its predecessor companies, will have paid a dividend for 143 consecutive years as of January 16, 2006.

U.S. Bancorp, with $207 billion in assets, is the 6th largest financial holding company in the United States. The company operates 2,411 banking offices and 4,999 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 www.usbank.com.

CONTACT: U.S. Bancorp
Steve Dale (Media), 612-303-0784
Judith T. Murphy (Analysts), 612-303-0783

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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