Firstar Bank Names Wayne Shircliff as New Regional Chairman and James Schwab President of Cincinnati Market.

Business Editors

CINCINNATI--(BUSINESS WIRE)--April 24, 2002

Wayne J. Shircliff has been named as the new regional chairman of Firstar Bank. As regional chairman, Shircliff will now be responsible for all commercial banking activities in the organization's metro markets in Ohio, Kentucky and Tennessee. Additionally, all Firstar market presidents in the geographic regions of Cincinnati, Cleveland, Dayton, Nashville, Louisville and Bowling Green, Kentucky will report directly to Shircliff.

Also, Cincinnati native and long-time area business leader, James E. Schwab has joined Firstar Bank in Cincinnati as the new market president and will report directly to Shircliff. Prior to joining Firstar Bank, Schwab was chairman of Xtek, Inc., a highly regarded metallurgical technology and manufacturing firm located in Cincinnati.

Richard K. Davis, vice chairman of U.S. Bancorp, the parent company of Firstar Bank, noted, "This is great news, Wayne has done an outstanding job for this organization and is most deserving of this promotion and will be instrumental in the success of the region going forward. Also, we are just as pleased about Jim being announced as market president, he is one of the community's most well regarded business leaders and we are excited to have him first as a member of our board and now as the top executive on our local management team. Under the leadership of Jim and the other veteran members of our local management team in Cincinnati, we are well positioned to serve the financial needs of this community."

As the new market president, Schwab joins Firstar Bank's management team which represents all key lines of business and includes Kathy P. Beechem, executive vice president of metro banking; Terry K. Crilley, executive vice president of personal trust; Roger D. Watson, executive vice president of commercial real estate; and Andrew T. Hawking, executive vice president of commercial banking.

Schwab commented, "I consider this a great honor to join the best team in banking in Cincinnati. Firstar Bank has done an outstanding job serving customers and being a leading corporate citizen in this town. I want to continue and build on what this organization has done in the past. On a corporate level we are building the best bank in America, and being the best bank in Cincinnati is a great place to start. Just as Firstar guarantees outstanding customer service, I want to guarantee even greater things for this organization in the future."

With more than 88 full-service banking locations, 165 ATMs and 3,346 local employees, Greater Cincinnati is the headquarters for many of the Firstar and U.S. Bank's corporate lines of business and support groups, including: consumer banking; metro branch banking; in-store banking; consumer lending; commercial real estate; retail support; retail brokerage; corporate communications; corporate marketing; human resources; the pro sports division, U.S. Bank Consumer Finance and the Lunken Operations Center.

JAMES E. SCHWAB

During his 33-year business finance career, Schwab has held high level management and finance positions, in addition to Xtek, with such Greater Cincinnati companies as The Baldwin-United Corporation, Great American Holding Company, The Penn Central Corporation, General Cable Corporation and Corporex Companies, Inc.

Before being named president of the Cincinnati market of Firstar Bank he was a member of the organization's local board of directors. In his new position, Schwab will continue to serve on the local board of directors as the highest ranking member of Firstar's local management team.

Schwab is a graduate of the University of Cincinnati and the University of Michigan Law School. In addition to serving on the Firstar local board, he in also a trustee and chairman of the development operations committee of the University of Cincinnati Foundation; a trustee of TriHealth Inc.; a trustee and chairman of the board of Twin Towers Retirement Community; member of the board of trustees of WCET Channel 48; and a trustee of the Cincinnati Opera Association. In 2004, Schwab is slated to be general chairman of the local United Way Campaign. He is also a member of The Commonwealth Club and The Queen City Club, both in Cincinnati.

WAYNE J. SHIRCLIFF

Shircliff, who is also an executive vice president of U.S. Bancorp, the parent company of Firstar, joined the organization as a management trainee in 1971. Upon completion of the training program he progressed within the commercial lending division. In March 1983, Shircliff was elected senior vice president and named head of the national/regional lending division. Shircliff was promoted to executive vice president of the commercial banking group in 1990. In 2000 Shircliff was named as market president for Firstar in Cincinnati.

A graduate of Indiana University, Shircliff earned his MBA from University of Cincinnati in 1975. He is also a graduate of the Stonier Graduate School of Banking. He is an active member of the community and is a board member of The YMCA Greater Cincinnati, The Cincinnati Symphony Orchestra, Cincinnati Equity Fund, Ltd. and the TPC at Rivers Bend.

Firstar Bank is a subsidiary of U.S. Bancorp (NYSE:USB). With assets in excess of $165 billion, U.S. Bancorp is the 8th largest financial services holding company in the United States. The company operates 2,147 banking offices and 4,929 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 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 Firstar Bank and U.S. Bank. Visit U.S. Bancorp on the web at usbank.com and Firstar Bank at firstar.com.