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Business Description
U.S. Bancorp is a multi-state financial services holding company engaged, through its subsidiaries, in the general banking business, principally in domestic markets. The Company was created by the acquisition by Firstar Corporation of the former U.S. Bancorp of Minneapolis, Minnesota. The combined company retained the U.S. Bancorp name. U.S. Bancorp provides a full range of financial services, including lending and depository services, cash management, foreign exchange and trust and investment management services. It also engages in credit card services, merchant and automated teller machine (ATM) processing, mortgage banking, insurance, brokerage, leasing and investment banking. The Company's subsidiaries provide a wide range of products and services to individuals, businesses, institutional organizations, governmental entities and other financial institutions

Financial Information
U.S. Bancorp (NEW) is bank holding company with offices located throughout the Midwestern United States. For the six months ended 6/30/02, total interest income fell 19% to $4.74 billion. Net interest income after loan loss prov. rose 25% to $2.67 billion. Net income before acct. change rose 66% to $1.62 billion. Net interest income reflects a decrease in interest-earning assets, offset by reduced interest paid on deposits. Earnings reflect lower merger and other charges.