<PAGE>
Exhibit 99
U.S. BANCORP TO ACQUIRE SCRIPPS FINANCIAL CORPORATION OF SAN DIEGO
MINNEAPOLIS, June 27 /PRNewswire/ -- U.S. Bancorp (NYSE: USB - NEWS) and Scripps
Financial Corporation of San Diego (Amex: SLJ - NEWS), parent company of Scripps
Bank, today announced that a definitive agreement has been signed whereby U.S.
Bancorp will acquire Scripps Financial Corporation in a stock transaction valued
at approximately $155 million. Scripps Financial Corporation operates nine
branches in the San Diego area and has $650 million in assets.
Under the terms of the agreement, Scripps Financial Corporation shareholders
will receive 1.067 shares of U.S. Bancorp common stock for each Scripps
Financial Corporation share in a tax-free exchange, subject to certain
adjustments as outlined below and in the definitive agreement. At the closing
price for USB stock on June 26, that would equate to $22.01 per SLJ share. The
value to the Scripps Financial Corporation shareholders will vary if the price
of the U.S. Bancorp shares goes up or down within an established range before
the closing; however, in no event will Scripps Financial Corporation
shareholders receive less than $19.80 or more than $24.21 in U.S. Bancorp stock.
"Scripps Financial Corporation is a well-known and respected commercial bank
that has established an impressive position in the market," said John F.
Grundhofer, U.S. Bancorp chairman and chief executive officer. "The acquisition
of Scripps Financial Corporation will allow us to strengthen our franchise in
the important San Diego area. We're thrilled that they will be joining the U.S.
Bancorp family."
The companies said that Ron Carlson, 65, Scripps Financial Corporation president
and CEO; Doug Evans, 52, executive vice president of banking; and Rich
Roncaglia, 50, executive vice president of trust and financial services, will
continue on in leadership positions. Additionally, U.S. Bank will continue
employment for all Scripps Financial Corporation customer contact personnel.
"U.S. Bancorp is a solid financial institution with a strong commercial banking
business. We're impressed with its products and services and with how it handled
the Peninsula Bank and other San Diego acquisitions," said Carlson. "We looked
carefully at what U.S. Bancorp has to offer, and we're confident that the
company shares our commitment to employees, clients and the community."
"I've known Ron Carlson and his team for years and have been impressed by the
services they provide their customers," said John Rebelo, U.S. Bank's San Diego
market chairman. "They have created a legacy in the San Diego community and
we're excited to make that legacy part of U.S. Bank."
The Scripps Financial Corporation acquisition complements U.S. Bank's existing
presence in Southern California, which has grown considerably as a result of the
recent acquisitions of the
<PAGE>
Bank of Commerce, Western Bancorp, and Peninsula Bank. U.S. Bank currently
operates 17 San Diego branches and nearly 140 branches in California with
approximately $5.5 billion in combined deposits. The company also operates
corporate trust and leasing offices in Los Angeles and San Francisco. The
company's California presence also includes six U.S. Bancorp Piper Jaffray
offices and U.S. Bancorp Libra, which is headquartered in Los Angeles.
Additionally, U.S. Bancorp's corporate trust business is the largest provider of
tax exempt issuances in California.
Shareholders of Scripps Financial Corporation will receive 1.067 shares of U.S.
Bancorp stock for each SLJ share, provided that the average closing USB stock
price for the 10 days prior to the receipt of approval by the Federal Reserve
Board ("USB Average Price") is between $22.69 and $18.56. If the USB Average
Price is less than $18.56, then the exchange ratio will be adjusted and SLJ's
shareholders will receive USB stock worth $19.80 for each SLJ share. If the USB
Average Price is more than $22.69 (subject to certain exceptions), then the
exchange ratio will be adjusted and SLJ's shareholders will receive USB stock
worth $24.21 for each SLJ share.
The acquisition is pending approvals by Scripps shareholders and regulators
and is expected to close in fourth quarter 2000.
Minneapolis-based U.S. Bancorp, with $83 billion in assets, is the 11th largest
financial services holding company in the nation and operates approximately
1,000 banking offices in the Midwest and West. The company provides
comprehensive banking, trust, investment and payment systems products and
services to consumers, businesses and institutions. It operates a network of
more than 5,000 ATMs and provides 24-hour, seven-days-a-week telephone customer
service. The company offers full-service brokerage services at approximately 100
offices through U.S. Bancorp Piper Jaffray. The company is the largest provider
of Visa corporate and purchasing cards in the world, and is one of the largest
providers of corporate trust services in the nation. For further information,
please see the U.S. Bancorp web site at http://www.usbank.com.
San Diego headquartered Scripps Financial Corporation is the parent company of
Scripps Bank, the largest locally owned and managed independent commercial bank
in San Diego County with approximately $650 million in assets. Specializing in
relationship banking, Scripps Bank offers a Private Banking atmosphere and a
tradition of quality service for businesses, professionals and individuals
throughout San Diego County. The Company maintains full service regional banking
offices in La Jolla, El Cajon, Downtown San Diego, Escondido, Kearny Mesa,
Encinitas, Point Loma and Chula Vista. Scripps Bank also delivers specialized
Trust, Investment, Corporate Lending, SBA Lending, Construction Loan and Real
Estate Lending, Equipment Leasing, Residential Lending, International, Cash
Management, Online Banking, Property Management Banking, HOA and Remittance
Processing services. In 1999, Scripps Bank was awarded the Findley Reports "10
Year Premier Performing Bank" award. For more information on Scripps Financial
Corporation and Scripps Bank, visit the company's web site at
http://www.scrippsbank.com
