ST. LOUIS--(BUSINESS WIRE)--Sept. 12, 2008--Zack Boyers has been
named chairman and chief executive officer of St. Louis-based U.S.
Bancorp Community Development Corporation (USBCDC). Boyers, who has 14
years of tax credit investment and banking experience, will be
responsible for providing strategic direction and leadership to
USBCDC's community development team and will lead more than 80
professionals at the company's Fashion Square office at 1307
Terrance Dolan, executive vice president of U.S. Bancorp, made the
announcement, saying, "Zack's dedication and commitment has helped
USBCDC become one of the largest New Markets Tax Credit investors in
the country. USBCDC has grown significantly over the past four years,
from $1 billion to $5 billion in assets under the entire leadership
team that we have in place and Zack has been a very important element
of this growth."
Boyers said that he plans to continue USBCDC's commitment to being
an agent of positive change in economically distressed areas across
America. "One of the most satisfying results of our work with partners
who are also dedicated to using private capital for social good has
been seeing the constructive economic and social transformations that
have taken place in communities because of the tax credit programs
that USBCDC uses as its tools."
Since 1994, Boyers has held a number of positions at U.S. Bank. He
started his banking career with Mark Twain Bank, which is now part of
U. S. Bank, as a commercial lender. He later took a position as an
affordable housing and historic tax credit specialist with the
organization in 1998. Since 2003, he has served in a senior management
role leading the Historic and New Markets Tax Credit Investments
product division of the CDC and growing this product line into a
He holds a bachelor's degree from Harvard University and a
master's degree from Washington University Olin Business School in St.
Louis, Missouri, and serves on the Community Improvement District of
the Downtown St. Louis Partnership. He has been awarded the "30 Under
30" and "40 Under 40" awards given to top performing business leaders
in St. Louis. He and his family have plans to move to downtown St.
Louis from their South City home this fall.
USBCDC has made over $2 billion of equity investments in New
Markets Tax Credit and Historic Tax Credit transactions in more than
90 cities and towns throughout the nation. Some notable projects
include: the Midtown Exchange in Minneapolis, MN (the redevelopment of
an historic Sears building that includes a market, affordable and
market-rate residential units, a DMV service center, and office
space); Community Transitional School in Portland, OR (a non-profit
school for children of families who are homeless and/or experiencing
chronic poverty); and the Atlas Performing Arts Center in Washington,
DC (the renovation of an Art Deco movie house into a community-based
performing arts center).
With total assets of over $5 billion, U.S. Bancorp's Community
Development Corporation (USBCDC) is a prominent investor in affordable
housing developments, historical renovation projects, New Markets Tax
Credit financing, and solar energy in the country. Besides St. Louis,
it has offices in Los Angeles, Denver, Minneapolis, Kansas City and
Washington D.C., and it is a subsidiary of U.S. Bancorp (NYSE: USB),
with assets of $247 billion in assets. It is also a subsidiary of U.S.
Bank, the sixth largest commercial bank in the United States, with
2,542 banking offices and 4,895 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
Lisa Clark, 608-877-7517
SOURCE: U.S. Bancorp