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U.S. Bancorp Elects Payne and Hoesley to Vice Chairman Positions

MINNEAPOLIS--(BUSINESS WIRE)--July 13, 2006--The board of directors for U.S. Bancorp (NYSE:USB) has elected Richard (Dick) Payne to the position of vice chairman and head of corporate banking, and Joseph Hoesley to the position of vice chairman and head of commercial real estate. They will report to Richard Davis, president and chief operating officer of U.S. Bancorp, and serve on the company's managing committee.

"We welcome Dick to U.S. Bank and know that his more than 30 years of experience in corporate banking will bring great service to our customers and value to our shareholders. I also want to congratulate Joe on his years of success in building the commercial real estate business at U.S. Bank, and welcome him to the managing committee," said Davis. "Dick and Joe will now join Joseph Otting, vice chairman and head of commercial banking, as the new management team to lead our wholesale banking activities as we continue to place greater emphasis on the corporate, commercial and commercial real estate business lines."

Payne, 58, comes to U.S. Bank from National City Corporation in Cleveland where he was executive vice president of capital markets, a position he has held since 2001. He is veteran of the banking industry with 30 years in corporate banking positions at Wachovia, Bank of America, Morgan Stanley and Chemical Bank. Prior to his banking career, he spent two years in the United States Navy as a supply officer on the USS Neptune. Payne earned a bachelor's degree from the University of Virginia and an MBA from Harvard Business School.

Additionally, Payne is vice chairman and a board member of CureSearch/National Childhood Cancer Foundation and chairman of the University of Virginia Alumni Association. He also serves as a board member on the Jefferson Scholars Foundation and a variety of other industry-related and charitable organizations.

Hoesley, 51, has led commercial real estate at U.S. Bank since joining the company in 1992. During this time, he helped build the commercial real estate division into 30 regional offices and a team of more than 300 employees, with a real estate portfolio of $24 billion. Under Hoesley's leadership, the real estate group initiated a mezzanine loan program and joint ventures that provide structured financing, commercial mortgage-backed securities, underwriting and securitization capabilities for U.S. Bank customers. Hoesley earned a bachelor's degree from St. John's University in Collegeville, Minn. and an MBA from DePaul University in Chicago.

Hoesley is a trustee of the International Council of Shopping Centers (ICSC) and of the Center for Urban Land Economics Research University of Wisconsin-Madison. He is also a board member of Catholic Charities of Minneapolis-St. Paul, and a member of numerous other professional and civic organizations.

U.S. Bancorp, 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.


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