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? U.S. BANCORP ANNOUNCES ACTIONS

 Breezley retires; Cameron elected Chairman;
 Share repurchase program approved
 PORTLAND, Ore., April 19 /PRNewswire/ -- Roger L. Breezley, chairman of the board of U.S. Bancorp (NASDAQ: USBC), today announced his intention to resign his position as chairman, effective immediately. Breezley will remain on the board of directors. The board has accepted his resignation and has elected chief executive officer Gerry B. Cameron as its new chairman, effective immediately. Cameron, 56, will hold the positions of both Chairman and CEO for the $21 billion financial services company.
 The board also authorized the repurchase of up to six million shares of the company's common stock to fund the 1993 stock incentive plan approved by shareholders today, and for other corporate purposes. The repurchase program is based on continued internal growth of U.S. Bancorp's capital beyond levels necessary to maintain strong capital ratios. The company will repurchase up to 6 million shares of common stock at prevailing prices in the open market or through negotiated transactions with shareholders.
 "U.S. Bancorp is currently very highly capitalized and we see this as an opportunity to invest in ourselves," explained Cameron. "The price of U.S. Bancorp's stock in the marketplace over the last year has frequently been at levels where the repurchase of stock for corporate purposes would have been economically advantageous."
 The share repurchase program is one of several initiatives U.S. Bancorp is undertaking to strengthen its performance and to be positioned for continued growth. Last month, Cameron announced a corporate-wide restructuring, including downsizing the company's staff and focusing on key businesses which represents the greatest earnings potential for the company. The initiatives are designed to build upon the growth and success of U.S. Bancorp under Breezley's tenure as chairman and CEO.
 "Under Roger Breezley's strong leadership, U.S. Bancorp grew from a one-state bank to the region's leading comprehensive financial services company," said Cameron. "Roger managed the company for continuous delivery of strong return to shareholders while providing highest-quality products and services to an increasingly large marketplace, both regionally and nationally. Now is the time for U.S. Bancorp to focus on maximizing the benefits of the company's recent growth."
 U.S. Bancorp is the largest bank holding company headquartered in the Northwest and one of the nation's 35 largest, with assets of $21.1 billion as of March 31, 1994. Banking subsidiaries include U.S. Bank of Oregon; U.S. Bank of Washington; U.S. Bank of California; U.S. Bank of Nevada; U.S. Bank of Idaho; and U.S. Bank (Canada). Other financial service businesses include U.S. Bancorp Mortgage Company; U.S. Bancorp Leasing and Financial; and U.S. Bancorp Securities and Trust Group.
 -0- 4/19/94
 /CONTACT: Mary Ruble, Public Relations, 503-275-6200, or Mark Patterson, Investor Relations, 503-275-6524, both of U.S. Bancorp/
 (USBC)


CO: U.S. Bancorp ST: Oregon IN: FIN SU: PER

RB-IC -- SE020 -- 7190 04/19/94 17:15 EDT
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Publication:PR Newswire
Date:Apr 19, 1994
Words:490
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