U.S. Bancorp (NYSE:USB) investors, prepare to hurry up and wait. For this conservative, well-run bank, the big opportunity for investors comes from the potential for long-term appreciation.

The past decade hasn't been kind to banks -- just ask Bank of America (NYSE:BAC) or Citigroup (NYSE:C) -- but investors in U.S. Bancorp have nonetheless pocketed an enviable return. And thanks to the way the bank is run, it looks as if more of the same is ahead.

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