PORTLAND, Ore.--(BUSINESS WIRE)--Feb. 25, 2005--U.S. Bancorp
(NYSE:USB) today announced that Sal Maglietta has been named president
and CEO of U.S. Bancorp Equipment Finance, Inc. Maglietta replaces
William Purcell, the company's current president and CEO, who
announced in 2004 his plans to leave the organization. The
Portland-based U.S. Bancorp Equipment Finance is one of the largest
bank-affiliated equipment finance companies in the United States and
has sales offices located in major metropolitan cities across the
country. Maglietta will be based in Portland and report to Joseph
Hasten, vice chairman of U.S. Bancorp.
As president and CEO, Maglietta will lead and oversee all
operations of U.S. Bancorp Equipment Finance, which is composed of
four business units, including the Capital Equipment Group, U.S.
Bancorp Oliver-Allen, Machine Tool Finance Group and Indirect Finance
and Syndications Group.
Hasten commented, "I am pleased that we have been able to attract
someone with Sal's impressive background and experience to lead this
dynamic line of business. His knowledge and expertise will help us to
continue to pursue innovative solutions for customers seeking
financing for capital equipment. Sal joins a team of highly motivated
bankers who are committed to providing flexible and competitive rates
and terms on virtually any capital equipment acquisition."
Maglietta joins U.S. Bancorp Equipment Finance after partnering
with Parthenon Capital in Boston where they pursued equity investments
in financial services. Prior to that he was with Citibank in New York
where he was CEO of Citicapital Equipment Finance, a division of
Citigroup. During part of his 24 years with Citigroup he managed
strategic business units and products including vendor finance, tax
exempt financing, master leasing, small business finance, mortgage
securitization, leverage leasing and franchise finance.
A graduate of Manhattan College in Riverdale, New York, Maglietta
also has a master's degree from Pace University Graduate School of
Regarding Purcell's departure, Hasten noted, "Bill has done an
outstanding job for us during his 20 years with the organization. I
can truly appreciate his decision to pursue his entrepreneurial
endeavors and I wish him the very best."
U.S. Bancorp Equipment Finance has assets of more than $4 billion
and offices across the country. It is one of the largest
bank-affiliated equipment finance companies in the United States, and
is a major national funding source for companies in nearly every
market sector. Transactions range in size from $50,000 to $30 million.
Products range from traditional loans to a variety of lease-oriented
financing. U.S. Bancorp Equipment Finance, Inc. recognizes the
importance of long-term relationships and works to strengthen
relationships by using our industry expertise and providing superior
customer service. For more information about U.S. Bancorp Equipment
Finance, visit www.usbank.com/leasing.
U.S. Bancorp, with $195 billion in assets, is the 6th largest bank
holding company in the United States. The company operates 2,370
banking offices and 4,620 ATMs in 24 states, 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 in which the company pays customers if certain key banking
benefits and services are not met. U.S. Bancorp is the parent company
of U.S. Bank. Visit U.S. Bancorp on the web at www.usbank.com.
CONTACT: U.S. Bancorp
Steve Dale, 612-303-0784
Teri Charest, 612-303-0732
SOURCE: U.S. Bancorp