U.S. Bank
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Freddie Mac Honors U.S. Bank as Tier One Mortgage Servicer

OWENSBORO, Ky., May 10, 2004 (BUSINESS WIRE) -- Officials from Freddie Mac will be in Owensboro, Ky. on Thursday, May 13 to honor employees at the U.S. Bank Home Mortgage Servicing Center at 4801 Frederica Street in Owensboro for the company's ranking as a Freddie Mac Tier One Mortgage Servicer.

The honor, which was announced by Freddie Mac in February, recognizes U.S. Bank Home Mortgage for superior investor reporting and default management during 2003. Tier One servicers have "superior results" helping delinquent borrowers overcome short-term financial difficulties and avoid foreclosure, thereby minimizing credit losses.

As a result, Freddie Mac extends a number of benefits to U.S. Bank Home Mortgage, including fee waivers, financial rewards and national recognition. Since 1996 when Freddie Mac created the servicer performance awards, it has proudly paid out more than $20 million in incentives to mortgage servicers for their loss mitigation efforts, including settled workouts and certain partial reinstatements of loans in foreclosure.

"We are honored and tremendously grateful to Freddie Mac for this recognition," said Dan Arrigoni, president of U.S. Bank Home Mortgage. "Our goal is always to provide superior service to our mortgage customers, as represented by our Five Star Service Guarantee. The employees in our service operations have heard the call and deliver to a very high standard day in and day out. We're proud of them and this great accomplishment."

U.S. Bank Home Mortgage is a part of U.S. Bancorp (NYSE:USB). With assets of $192 billion, U.S. Bancorp is the 7th largest financial services holding company in the United States. The company operates 2,275 banking offices and 4,472 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 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.

SOURCE: U.S. Bank

CONTACT:          U.S. Bank
                  Teri Charest, 612-303-0732
                  teri.charest@usbank.com

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SOURCE: U.S. Bank

"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.