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U.S. Bancorp Announces Notice of Redemption of USB Capital III 7.75 Percent Trust Preferred Securities

MINNEAPOLIS--(BUSINESS WIRE)--April 4, 2006--U.S. Bancorp (NYSE:USB) announced today that notice of redemption was provided on April 3, 2006, to the holders of USB Capital III 7.75 percent Trust Preferred Securities (CUSIP 90335H-208) (the "Securities"). The Securities will be redeemed in full at a redemption price of 100 percent of the principal amount plus accrued and unpaid interest. On and after May 4, 2006, distributions on the Securities will no longer accrue, and all rights of the holders of the Securities, except the right to receive the redemption price plus distributions accrued to the redemption date, will cease. Payment will be made to holders of the Securities on May 4, 2006, only upon surrender of the 7.75 percent Trust Preferred Securities to Wilmington Trust Company for cancellation.

Minneapolis-based U.S. Bancorp, with $209 billion in assets, is the 6th largest financial holding company in the United States. The company operates 2,419 banking offices and 5,003 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 the parent company of U.S. Bank. Visit U.S. Bancorp on the web at usbank.com.

CONTACT: U.S. Bancorp
Steve Dale (Media), 612-303-0784
Judy 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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