2008-06-17 23:43:31 -

www.usbank.com - The board of directors of U.S. Bancorp (NYSE: USB) has declared a quarterly dividend of $0.425 per common share, payable July 15, 2008, to shareholders of record at the close of business on June 30, 2008. At this quarterly dividend rate, the annual dividend is equivalent to $1.70 per common share.

U.S. Bancorp, through

its predecessor companies, has increased its annual common dividend rate in each of the past 36 years and has paid a dividend for 145 consecutive years. The most recent increase in the U.S. Bancorp common share dividend was reflected in the dividend paid on January 15, 2008, when the dividend rate was raised 6.25 percent to its current rate. Previously the rate had been $1.60 on an annualized basis, or $0.40 on a quarterly basis.

The board of directors has also declared a regular quarterly dividend of $209.37 per share (equivalent to $0.20937 per depositary share) on U.S. Bancorp's Series B Non-Cumulative Perpetual Preferred Stock, payable July 15, 2008, to stockholders of record at the close of business on June 30, 2008.

Additionally, the board of directors declared a regular quarterly dividend of $645.31 per share (equivalent to $0.64531 per depositary share) on U.S. Bancorp's Series D Non-Cumulative Perpetual Preferred Stock, payable July 15, 2008, to stockholders of record at the close of business on June 30, 2008.

U.S. Bancorp, with $242 billion in assets, is the parent company of U.S. Bank, the 6th largest commercial bank in the United States. The company operates 2,522 banking offices and 4,844 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.

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