CINCINNATI, Jun 27, 2003 (BUSINESS WIRE) -- The U.S. Bank Consumer Lending
Recreation Finance Division has reach a milestone surpassing $1 billion dollars
in outstanding loans this month.
U.S. Bank has been an increasingly strong player in the recreation finance arena
since the hire of veterans Chris Renn and Jeff Smith in 2001. Renn and Smith
built on the bank's 15 years in the industry and led initiatives to become the
preferred lender for recreational vehicle and marine manufacturers including
Jayco, Starcraft and Sundowner.
As this milestone is achieved, the U.S. Bank Consumer Lending Division is also
announcing the hire of an industry expert to start a manufactured housing
finance business. Abdul Rajput will lead the company's entrance into the
manufactured housing finance business with a strategy similar to that of
recreation finance, partnering with reputable, preferred dealers and
manufacturers and indirect sales to a customer base with low-risk demographics
like that of the recreation finance consumer. With more than 20 years in the
manufactured housing finance industry, Rajput will build on the successes he has
experienced throughout his career.
"We are keenly aware of what it takes to succeed in this industry. I am
confident that with Abdul's leadership and our proven track record with start-up
operations, we will be successful while differentiating ourselves from others in
the manufactured housing industry," said Randy Griffith, executive vice
president of U.S. Bank Consumer Lending. "We're thrilled to welcome Abdul as we
celebrate another milestone in the company."
U.S. Bancorp (NYSE:USB), with assets in excess of $182 billion, is the 8th
largest financial services holding company in the United States. The company
operates 2,200 banking offices and 4,582 ATMs, and provides a comprehensive line
of banking, brokerage, insurance, investment, mortgage, trust and payment
services products to consumers, businesses and institutions. U.S. Bancorp is
home of the Five Star Service Guarantee which assures customers of certain key
banking benefits and services or customers will be paid for their inconvenience.
U.S. Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp on the web
SOURCE: U.S. Bank
CONTACT: U.S. Bank Media Relations
Teri Charest, 612/303-0732
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SOURCE: U.S. Bank