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News Release

Contact: Teri Charest, Media Relations
(612) 973-4594

U.S. BANK’S KUBOVEC ELECTED TO SECOND TERM AS PRESIDENT OF THE MORTGAGE ASSOCIATION OF MINNESOTA

MINNEAPOLIS (June 14, 2002) – Jim Kubovec, a regional production manager for U.S. Bank Home Mortgage, has been elected to a second term as president of the Mortgage Association of Minnesota. He will be the first individual to serve for two consecutive years as president.

A 24-year veteran of the mortgage industry, Kubovec has been with U.S. Bank Home Mortgage (formerly Firstar Home Mortgage) for more than five years. Joining him in the association’s leadership is Ed Shanks, executive vice president of national retail sales for U.S. Bank Home Mortgage, who previously served as president and is now a member of the association’s executive committee.

“There has never been a more exciting time to lead this association that is stronger and more vibrant than ever. We recently completed one of the best conventions that we’ve had in our 32-year history, and our most recent membership drive produced record results,” Kubovec said. “Our members are engaged and informed, giving our association the strength to bolster the success of Minnesota’s mortgage industry and keep our state’s economy moving.”

Kubovec earned a master’s degree in business administration from the University of St. Thomas. He lives in Maple Grove with his wife and two children.

The Mortgage Association of Minnesota, established in 1969 as the Mortgage Bankers Association, is the state's only trade group that solely represents the business interests of residential and commercial real estate finance professionals. Members include private and institutional affiliated mortgage companies, banks, credit unions, mortgage brokers, privateinsurance companies and life insurance companies.

U.S. Bank Home Mortgage is part of Minneapolis-based 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.

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