U.S. Bancorp's Robert Hoffmann to Retire atthe End of 2002; Michael Doyle to Succeed Him as Chief Credit Officer

July 16, 2002

MINNEAPOLIS--(BUSINESS WIRE)--July 16, 2002--J. Robert (Bob)Hoffmann, executive vice president and chief credit officer of U.S.Bancorp announced that he will be retiring from the organization as ofDecember 31, 2002.

Replacing Hoffmann will be Michael J. Doyle, who has been with thecorporation since 1994 and most recently was executive vice presidentand senior credit officer. Jerry A. Grundhofer, president and chiefexecutive officer of U.S. Bancorp made this announcement.

Grundhofer noted, Bob has done an outstanding job for thisorganization in the past 30 years. We have maintained a strong andconsistent credit culture through widely varying business conditionsduring Bob's tenure as chief credit officer. He has helped instill acommitment to the values of prudent lending in officers at all levelsof the organization. Also, I am pleased to announce the promotion ofMike as the new chief credit officer, which assures us of a smoothtransition in this very important aspect of our business. I amconfident that Mike will continue to lead the company's creditadministration function, just as Bob has, by furthering our strategiccommitment to a consistent and prudent credit process.

Doyle, who has more than 23 years of financial services experiencejoined the organization in 1994 when it was known as Star BancCorporation in Cincinnati, Ohio as senior vice president and portfoliorisk manager, and as a member of the loan policy committee. Later in1998, when Star Banc acquired Firstar Corporation in Milwaukee, Doylewas named senior vice president and manager of the corporation'sWestern credit approval region. In this position he was responsiblefor approvals in the new geographic footprint of the organization andfor introducing and implementing Star Banc's credit culture within theformer Firstar franchise. Additionally he continued to serve as amember of the loan policy committee for the combined organization andwas responsible for the corporation's retail portfolio risk and checkkiting unit.

In 1999 Doyle was promoted to executive vice president and chiefapproval officer with responsibility for credit approval across

11 states and overseeing a portfolio consisting of $25 billion ofwholesale loans.

With the combining of Firstar and U.S. Bancorp in 2001, Doyle wasnamed executive vice president and senior credit officer. In thisposition he was responsible for a $30 billion wholesale loan portfolioinvolving 14 lines of business including - large corporate and middlemarket lending, leverage lending, asset based lending, franchise andcommunications, commercial real estate, international corporate,capital markets, broker/dealers, health care, correspondent banking,municipal finance, community development and investment tax credits.

Prior to joining U.S. Bancorp, Doyle held positions with PNC Bankand Huntington Bank in Cincinnati and with Texas Commerce Bank, MellonBank and Irving Trust Company in Dallas, Texas.

Doyle is a graduate of Georgetown University and did post graduatework at the University of Dallas. Currently a resident of the GreaterCincinnati area, Doyle and his family will be relocating to the TwinCities in the near future.

Hoffmann joined the company in 1972 as a commercial bankingrepresentative and in 1987 began his credit responsibilities when hewas named senior vice president and group head of loan portfoliomanagement. He became executive vice president of creditadministration at the company's lead bank in 1989 and assumed the sameposition with the holding company a year later. Hoffmann was named tohis current position in 2001 when Firstar Corporation acquired U.S.Bancorp. He also serves as a member of U.S. Bancorp's managingcommittee.

Hoffmann has a bachelor's degree from the University of NorthCarolina and a master's degree from the University of Wisconsin.

U.S. Bancorp with assets in excess of $173 billion, is the

8th largest financial services holding company in the United States.The company operates 2,131 banking offices and 4,818 ATMs, andprovides a comprehensive line of banking, brokerage, insurance,investment, mortgage, trust and payment services products toconsumers, businesses and institutions. U.S. Bancorp is home of theFive Star Service Guarantee which assures customers of certain keybanking benefits and services or customers will be paid for theirinconvenience. Visit U.S. Bancorp on the web at firstar.com orusbank.com.

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CONTACT: U.S. Bancorp

Steve Dale (Media), 612/973-0898

H.D. McCullough (Analysts), 612/973-2261

Judith Murphy (Analysts), 612/973-2264

KEYWORD: MINNESOTA

INDUSTRY KEYWORD: BANKING MANAGEMENT CHANGES

SOURCE: U.S. Bancorp

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