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U.S. Bancorp President-COO Leaving

August 22, 2000

MINNEAPOLIS (AP) _ U.S. Bancorp president and chief operating officer Philip Heasley said Tuesday that he will leave the company to pursue a career that offers more advancement.

Heasley, 51, who was named to his current positions in July 1999, has been with U.S. Bancorp for 13 years.

``It’s been a difficult personal decision not to renew my contract here,″ Heasley said. ``But I’m at the point in my career when I want to run a company as a CEO and I’ve decided to look outside U.S. Bancorp.″

He will stay on through late fall in a transition role and will continue to serve as U.S. Bancorp’s representative on the Visa board as well as chairman of Visa U.S.A.

The company said it has no plans to replace Heasley and said John F. Grundhofer, U.S. Bancorp chairman and chief executive, would chair the operating committee.

Minneapolis-based U.S. Bancorp, with $86 billion in assets, is the 10th-largest financial services holding company in the nation and operates approximately 1,000 banking offices in the Midwest and West.

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