Rule 424(b)(3)
File No. 33-43407
PRICING SUPPLEMENT NO. 27 DATED JULY 11, 1997
(To Prospectus dated May 18, 1994, as Supplemented April 10, 1996)
[GRAPHIC OMITTED]
MEDIUM-TERM NOTES, SERIES E
DUE FROM NINE MONTHS TO FIFTEEN YEARS FROM DATE OF ISSUE
FLOATING RATE NOTES
-------------------
PRINCIPAL AMOUNT: $43,200,000
INITIAL INTEREST RATE: 1 month LIBOR on July 16, 1997, plus 5 basis
points
INTEREST RATE BASIS: 1 month LIBOR as found on Telerate page 3750
SPREAD: + .05 bp
SPREAD MULTIPLIER: Not applicable
INDEX MATURITY: 1 month LIBOR
INTEREST RATE RESET PERIOD: Monthly
INTEREST RESET DATES: First reset date is August 20, 1997, and
thereafter on third Wednesday of each month
INTEREST PAYMENT PERIOD: Monthly
INTEREST PAYMENT DATES: Third Wednesday of every month
MAXIMUM INTEREST RATE: Not applicable
MINIMUM INTEREST RATE: Not applicable
CALCULATION AGENT: The Chase Manhattan Bank
SETTLEMENT DATE (ORIGINAL ISSUE DATE): July 16, 1997
MATURITY DATE: August 16, 2000
ISSUE PRICE (%): 99.94361%
REDEMPTION: The Notes cannot be redeemed prior to maturity unless the
applicable box is checked and the terms of redemption are
specified below.
|_| The Notes may be redeemed prior to maturity in whole or
from time to time in part.
|_| The Notes may be redeemed prior to maturity in whole only.
Terms of Redemption:
INDENTURE TRUSTEE: The Chase Manhattan Bank, as successor to Chemical Bank
The Agent with respect to the offering of the Notes which are the subject of
this Pricing Supplement, which was apppointed as an additional agent by U. S.
Bancorp in June 1996, is CS First Boston Corp.