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 | | News Release |
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| CONTACT: | | |
| U.S. Bancorp Investor Relations | | U.S. Bancorp Media Relations |
| Judith T. Murphy, 612-303-0783 | | Steve Dale, 612-303-0784 |
| H.D. McCullough, 612-303-0786 | | |
U.S. BANCORP ANNOUNCES RESULTS OF TENDER OFFER
MINNEAPOLIS(June 27, 2005) — U.S. Bancorp (NYSE: USB) announced today the results of its previously announced tender offer for five different series of debt securities originally issued by certain affiliates of and predecessors to the Company. The tender offer commenced on June 15, 2005, and expired at 5:00 p.m., New York City time, on Friday, June 24, 2005. At settlement (scheduled for later today), the Company will pay approximately $718.8 million in total (including accrued and unpaid interest) for all securities validly tendered and accepted for payment.
The table at the end of this release specifies the aggregate principal amount tendered and accepted.
Bear, Stearns & Co. Inc. and Credit Suisse First Boston LLC served as the Dealer Managers for the tender offer. U.S. Bank National Association served as the Depositary and MacKenzie Partners, Inc. served as the Information Agent.
Minneapolis-based U.S. Bancorp, with $198 billion in assets, is the 6th largest financial holding company in the United States. The company operates 2,377 banking offices and 4,654 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.
RESULTS OF U.S. BANCORP DEBT SECURITIES TENDER OFFER
Subordinated Notes
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| | | | | Title | | Aggregate Principal |
| | | | | Of | | Amount Tendered and |
| CUSIP | | Issuer | | Securities | | Accepted |
| 31925EAE6 | | First Bank National
Association1 | | 6.875% Subordinated
Notes due 2006 | | $47,202,000 |
| | | | | | | |
| 85508TAA2 | | Star Bank National
Association2 | | 6.625% Subordinated
Bank Notes due 2006 | | $74,282,000 |
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| 587342AF3 | | Mercantile
Bancorporation,
Inc.3 | | 7.300% Subordinated
Notes due 2007 | | $96,982,000 |
Capital Securities
| | | | | | | |
| | | | | Title | | Aggregate Principal |
| | | | | Of | | Amount Tendered and |
| CUSIP | | Issuer | | Securities | | Accepted |
| 313043AC5 | | FBS Capital I4 | | 8.09% Capital
Securities | | $222,789,000 |
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| 90329SAC7 | | U.S. Bancorp Capital I5 | | 8.27% Capital
Securities, Series B | | $220,009,000 |
| 1 | | First Bank National Association was renamed U.S. Bank National Association in 1997. |
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| 2 | | Star Bank National Association was renamed Firstar Bank National Association in 1997 and, in turn, renamed U.S. Bank National Association in 2001. |
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| 3 | | Mercantile Bancorporation, Inc. was merged with and into Firstar Corporation in 1999. Firstar Corporation merged into U.S. Bancorp in 2001. |
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| 4 | | FBS Capital I was created by First Bank System, Inc., a predecessor to U.S. Bancorp. FBS Capital I is an affiliate of U.S. Bancorp. |
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| 5 | | U.S. Bancorp Capital I is an affiliate of U.S. Bancorp. |
