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U.S. Bank Names Elliot Jaffee Head of Commercial Banking

MINNEAPOLIS--(BUSINESS WIRE)--Feb. 5, 2013-- U.S. Bank announced today that Elliot Jaffee will lead its commercial banking division, overseeing nearly 550 people in offices across 25 states. Jaffee succeeds Kenneth Ladd, who retired at the end of 2012.

“Elliot is a dynamic leader and a great banker, who our middle market business clients trust and respect,” said Dick Payne, U.S. Bancorp vice chairman and head of wholesale banking, under which the commercial banking division falls. “For the past several years, U.S. Bank has grown from being a very good regional wholesale bank to a great national wholesale bank. As head of commercial banking, Elliot will play an important role in helping us build on our momentum in the $10 million to $500 million client segment.”

Jaffee joined U.S. Bank in 1995 and has more than 20 years of experience in the financial services industry, most of which he spent at U.S. Bank. He has held a number of roles within U.S. Bank corporate bank, stepping into the Twin Cities market president role in 2006. Jaffee became a regional manager in 2010 and is currently responsible for commercial banking in the Twin Cities, Seattle, Portland, Las Vegas, Phoenix and Salt Lake City.

In addition to his many contributions within U.S. Bank, Jaffee is a dedicated member of the community, serving on the board of directors of the Minnesota Chamber of Commerce and the Economic Club of Minnesota and is the current board chair of the Minneapolis Downtown Council.

Jaffee received his bachelor's degree from Cornell University and his MBA from The University of Chicago Booth School of Business. He began his career as a corporate banking relationship manager at Bank of America.

Jaffee succeeds Kenneth Ladd, who retired following 30 years of service with U.S. Bank. “I want to thank Ken for his many years of outstanding leadership at U.S. Bank,” said Payne. “Ken is a great professional who has made a remarkable contribution to our company, representing our very best as a decorated veteran and a dedicated citizen of Las Vegas.”

About U.S. Bank
U.S. Bancorp (NYSE: USB), with $354 billion in assets as of December 31, 2012, is the parent company of U.S. Bank, the 5th largest commercial bank in the United States. The Company operates 3,084 banking offices in 25 states and 5,065 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 usbank.com.

Source: U.S. Bank

Teri Charest
U.S. Bank Public Relations
(612) 303-0732, teri.charest@usbank.com

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.

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