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Rochester and Nashwauk Students Win $10,000 U.S. Bank Back 2 Schools Scholarships for 2005-06

MINNEAPOLIS--(BUSINESS WIRE)--May 3, 2006--Jenna Borkenhagen, a senior at Mayo High School in Rochester and Reid Velo, a senior from Nashwauk-Keewatin High School, have each won a $10,000 scholarship from U.S. Bank as part of its Back 2 Schools program. The awards were presented at a banquet last night in Bloomington where all of the 2005-06 Back 2 Schools winners were honored.

Borkenhagen was honored for outstanding academic achievements. She is first in her class of 376 and has maintained a 4.0 grade point average while taking mostly Advanced Placement and honors courses. Growing up the oldest child in her family, Borkenhagen assumed many household responsibilities that are not a concern for most students. These added responsibilities would take many kids away from their studies and deter them from getting involved in extracurricular activities, but Borkenhagen was up for the challenge. She organized her schedule around the rest of the family's in order to be involved at school and in the community.

Throughout her high school years, Borkenhagen has been actively involved in a wide variety of school activities including the Science Olympiad, peer tutoring programs, art club, MIRA (the school's multicultural association) and the National Honor Society. She has made giving back to her community a priority by volunteering for the American Cancer Society, the Ronald McDonald House, the local women's shelter and food bank, as well as the Salvation Army. Borkenhagen also was actively involved in fundraising efforts for Hurricane Katrina Relief.

Velo was honored for his outstanding leadership. In addition to ranking third in his class, Velo has served as president of the National Honor Society and the Spartan Spirit Squad leadership team. He has also held various positions on the school's student council. In addition, Velo has been captain of the Math Team and Knowledge Bowl team as well as the football, basketball and baseball teams for his school.

Velo's parents inspired him to be the leader he is today. When he was 3-years-old, his family moved to the Leech Lake Indian Reservation where his father was the pastor of a church. For eight years, Velo watched how his father was able to bring a community together. Living in a culture different from his own has provided Velo with the motivation to lead and make a difference. Active in his community, Velo has been an activity leader for Book Delivery to the Elderly, Elementary Tobacco Training, Kids Vote and the D.A.R.E. Role model program.

More than 200 Minnesota high school student and teachers from 130 schools received awards as part of the U.S. Bank Back 2 Schools program in the 2005-06 academic year. They were recognized in one of three areas - the U.S. Bank Teacher's Edition, the Five Star Student Honor Roll and the KARE-11 Prep Athletes of the Week. Student winners in the Five Star Student Honor Roll program were honored with awards based on their success in one of five categories - academics, arts, community service, leadership and personal success.

U.S. Bancorp (NYSE:USB), with assets of $210 billion, is the 6th largest financial holding company in the United States. The company operates 2,430 banking offices and 4,941 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 www.usbank.com.

Kristine Pasowicz, 612-303-0731

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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