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MINNEAPOLIS -July 15, 2003-U.S. Bancorp Piper Jaffray (Piper Jaffray) is pleased to announce that Ben Crabtree has joined the firm's Investment Research Division as a senior research analyst covering financial institutions with a focus on small and mid-cap banks. Crabtree joins the firm with over 30 years of experience in the industry, including his most recent position as a senior equity analyst covering financial services at Advantus Capital Management in St. Paul, Minn.
Crabtree started his career as an investment research analyst at First Bank in Minneapolis. He then went to work for First Trust of St. Paul, where he was an assistant manager of investment research providing analysis of large-cap stocks. Crabtree next joined Dain Rauscher in Minneapolis, where he spent 23 years as an equity research analyst covering various sectors. He also spent some time as an equity research analyst at George K. Baum in Kansas City, Mo.
"Ben's 30 plus years of experience within the financial industry provides him with tremendous depth and understanding of the business," said Robert Peterson, head of Investment Research at U.S. Bancorp Piper Jaffray. "With his exceptional background and extensive relationships, he will provide our clients with a keen insight into the small and mid-cap bank stocks, a sector which will help strengthen our already existing strong equity research platform."
Crabtree holds a bachelor of arts degree in history from the University of North Dakota in Grand Forks, N.D. He holds the chartered financial analyst (CFA) designation.
"Piper Jaffray has an excellent research product and financial services research team," said Crabtree. "I look forward to contributing to its success and bringing value to our clients by offering my perspective on the small- and mid-cap banking sector for our clients."

U.S. Bancorp Piper Jaffray, a subsidiary of the consolidated group of U.S. Bancorp, is a focused securities firm comprised of two revenue-generating segments -- Capital Markets and Private Client Services. Clients of both segments are supported by Investment Research, an independent group reporting to the CEO. The firm provides a full range of investment products and services to individuals, institutions and businesses. The firm has over 124 offices in 25 states across the country. U.S. Bancorp offers a comprehensive range of financial solutions through U.S. Bank, U.S. Bancorp Asset Management, U.S. Bancorp Investments and U.S. Bancorp Piper Jaffray. For more information on U.S. Bancorp Piper Jaffray, visit www.piperjaffray.com.