MINNEAPOLIS--(BUSINESS WIRE)--Oct. 19, 2004--U.S. Bancorp
(NYSE:USB) today announced the appointment of Richard K. Davis as
president and chief operating officer, effective immediately. In his
new position, Davis will continue to manage consumer and commercial
banking and will assume the additional responsibilities of corporate
banking, private client, trust, asset management and NOVA Information
Systems. Davis will continue to report to Jerry A. Grundhofer, U.S.
Bancorp's chairman and chief executive officer.
Grundhofer noted, "The promotion of Richard to president and chief
operating officer is an additional step in the evolution and
development of the U.S. Bancorp organization as we continue to
increase our focus on organic revenue growth. There are significant
opportunities to further penetrate our 24-state footprint and our
diverse customer base with our broad array of industry-leading
products and services and Richard's leadership skills and business
insight make him the perfect choice for directing these activities.
Richard's significant contributions in helping transform U.S. Bancorp
into one of the nation's largest and most valuable financial services
companies have earned him the respect and confidence of customers,
communities, employees, shareholders, the investment community and
Davis, 46, has more than twenty-five years of experience in the
industry with a diverse background that includes operating experience
in retail banking, payment services and commercial banking. Most
recently, Davis served as vice chairman of consumer and commercial
banking at U.S. Bank and he has served on U.S. Bancorp's Managing
Committee since 1993. Under Davis' direction U.S. Bank has broadened
its reputation as one of the nation's top performing consumer banks.
U.S. Bancorp has $193 billion in assets and is the 6th largest
financial services holding company in the United States. It operates
2,346 banking offices and 4,621 ATM's in 24 states. It provides
comprehensive banking, brokerage, insurance, investment, mortgage,
trust, and payment services products to businesses, consumers, and
institutions. U.S. Bancorp provides the Five Star Service Guarantee
consistent with which customers are paid if certain key banking
service levels are not met. U.S. Bancorp is the parent of U.S. Bank.
Visit U.S. Bancorp on the web at www.usbank.com.
CONTACT: U.S. Bancorp
Steve Dale (Media), 612-303-0784
H. D. McCullough (Analysts), 612-303-0786
SOURCE: U.S. Bancorp