MINNEAPOLIS--(BUSINESS WIRE)--March 26, 2008--Kathy Bader,
chairman and chief executive officer of the U.S. Bancorp Community
Development Corporation (CDC) has announced her retirement effective
March 31, 2008. Terry Dolan, controller for U.S. Bancorp, will assume
the role of interim chairman and chief executive officer of the U.S.
With assets of $4.4 billion, the U.S. Bancorp CDC is one of the
largest new market tax credit investors in the country. It also
finances affordable housing and community development projects through
the use of low-income housing and historic tax credits.
"The U.S. Bancorp CDC's success and progress can be attributed to
its constant focus on striving for excellence and embracing its
mission of doing well by doing good," Bader said. "This decision was
very difficult for me, but I know that I can depart proud and
confident that the CDC has never been better, the team never stronger
and the opportunity to continue its great work and success never
Bader is based in St. Louis and has been with U.S. Bancorp for
more than 18 years. She has been chief executive officer of the U.S.
Bancorp CDC since 1995.
"I'd like to thank Kathy for her years of outstanding service with
U.S. Bancorp," said Andy Cecere, chief financial officer of U.S.
Bancorp. "Kathy is a superior businessperson and has excelled in
developing the tax credits business within U.S. Bancorp. Her
contributions in the St. Louis community where she is well-known and
well-regarded speak to her passion for service. We wish Kathy well in
Dolan has been named interim chairman and chief executive officer
of the U.S. Bancorp CDC. Dolan has been with U.S. Bank since 1988 and
has served as executive vice president and controller for his entire
career with the company. He reports to Cecere, and will continue to do
so in this position along with carrying out his duties as controller
during this interim period. A national search will be conducted to
permanently fill the position and will consider both internal and
"Our goal is to continue the success and mission of the CDC. It
has been and will continue to be an important business to U.S. Bancorp
as we strive to meet the needs of our customers and communities,"
U.S. Bancorp (NYSE: USB), with $238 billion in assets, is the
parent company of U.S. Bank, the 6th largest commercial bank in the
United States. The company operates 2,518 banking offices and 4,867
ATMs, and provides a comprehensive line of banking, brokerage,
insurance, investment, mortgage, trust and payment services products
to consumers, businesses and institutions. Visit U.S. Bancorp on the
web at www.usbank.com.
CONTACT: U.S. Bancorp
Teri Charest, Media, 612-303-0732
Steve Dale, Media, 612-303-0784
Judith Murphy, Analysts, 612-303-0783
SOURCE: U.S. Bancorp