U.S. Bancorp Announces 150 Percent Increase in Quarterly Common Stock Dividend and Authorizes New 50 Million Share Repurchase Program

The board of directors of U.S. Bancorp USB has approved a 150 percent increase in the dividend rate on U.S. Bancorp common stock to $0.50 on an annualized basis, or $0.125 on a quarterly basis. The quarterly common stock dividend of $0.125 per common share is payable on April 15, 2011, to shareholders of record at the close of business on March 31, 2011.

Additionally, the board of directors of U.S. Bancorp today approved an authorization to repurchase up to 50 million shares of its outstanding common stock. This new authorization replaces the company's current share repurchase program. U.S. Bancorp's common stock shares may be repurchased through December 2011 in the open market or in privately negotiated transactions