MINNEAPOLIS--(BUSINESS WIRE)--March 17, 2005--
Additionally, U.S. Bancorp Aligns Retail Payment Services
Richard C. Hartnack has been named as the new head of U.S.
Bancorp's consumer banking division and Joseph M. Otting has been
named to run U.S. Bank's wholesale middle market business. Both
Hartnack and Otting will report directly to Richard K. Davis,
president and chief operating officer of U.S. Bancorp, effective April
The promotions of Hartnack and Otting complete the alignment of
U.S. Bancorp's business operating units under Davis. Other executive
managers who report to Davis include: Joseph E. Hasten, vice chairman
of corporate banking and corporate payment systems; Andrew Cecere,
vice chairman of private client, trust and asset management; Pamela A.
Joseph, who is vice chairman of U.S. Bancorp payment services; and
Richard J. Hidy, executive vice president and chief risk officer.
Hartnack and Otting will also be members of the corporation's
13-person managing committee, which is comprised of the
highest-ranking executives within the organization and chaired by
Jerry A. Grundhofer, chairman and chief executive officer of U.S.
As head of the consumer banking division, Hartnack will be
responsible for U.S. Bank's metropolitan branch banking, community
banking, 24-hour banking and financial sales, home mortgage, consumer
lending and finance, in-store and corporate on-site banking, business
equipment finance, small business banking, workplace and student
banking, SBA lending, retail bank operations, corporate marketing and
quality and U.S. Bancorp's investments and insurance.
Davis noted, "Rick is a great addition to our management team.
With more than 34 years of experience in banking and financial
services, he has the perfect background to head our consumer banking
group. Rick brings with him a well respected national reputation as an
outstanding consumer banker. His wealth of experience, history of
significant accomplishments and strong leadership skills will be
tremendous assets to the organization."
Prior to joining U.S. Bancorp, Hartnack was with Union Bank of
California for 14 years, where he was responsible for community
banking, consumer banking, private banking, small business banking,
brokerage, mortgage lending, insurance and all trust and investment
services. From 1982 until 1991, Hartnack was with First Chicago
Corporation in various management positions, the last being executive
vice president, which included responsibility for consumer banking,
personal trust, brokerage and small business activities. His banking
career also includes being a senior vice president of First Interstate
Bank of Oregon where he spent 11 years, mostly in the corporate
Hartnack has held board positions with the U.S. Region of
MasterCard, Inc. and the 12th District Federal Reserve Bank.
Additionally, he was first vice chair of the California Chamber of
Commerce and has served on numerous other civic and industry related
boards during his career.
Hartnack also served as a captain in the U.S. Marine Corps and was
awarded 14 Air Medals and the Navy Commendation Medal with Combat 'V'.
He flew 220 combat missions during his military career. He has a
bachelor's degree from UCLA and a master's degree from Stanford
University. He is married and has three adult children.
Otting, who has been with the organization for more than three
years, has been given increased responsibilities and will now manage
U.S. Bank's entire wholesale middle market division. Otting joined
U.S. Bank in December 2001 as president of U.S. Bank in Oregon. Prior
to joining U.S. Bank, Otting's career in banking included 16 years
with Union Bank of California, where he was executive vice president
and group head of commercial banking.
Davis commented, "Joseph has done an outstanding job as the leader
of our wholesale middle market business in the 10 state eastern
portion of our franchise. He has the vision and the leadership
qualities we need to help move our wholesale middle market business to
the next level of success. Joseph has an extensive background and
experience in the commercial banking sector that makes him uniquely
qualified for this executive management position."
During his career he has served on a variety of high profile
boards including the Minnesota Chamber of Commerce, Los Angeles
Chamber of Commerce and on the board and executive committee of the
Los Angeles Economic Development Corporation. Otting holds a
bachelor's degree from the University of Northern Iowa in Cedar Falls,
Iowa. Otting and his wife reside in Minneapolis.
Additionally, U.S. Bancorp's retail payment business will be
aligned under Pamela Joseph. As a result, Patricia A. Wesner,
executive vice president of retail payment solutions will become part
of Joseph's payment team. Wesner will continue to manage U.S. Bank's
consumer and small business credit card services, affinity cards,
co-brand cards, debit and prepaid products.
Davis remarked, "The combination of the company's retail credit
and debit card issuing business with its merchant acquiring business,
creates opportunities for synergies, while providing additional focus
on our goal of being a recognized leader in relationship-based payment
Joseph is also chairman, president and chief executive officer of
Atlanta-based NOVA Information Systems, Inc., a wholly-owned
subsidiary of U.S. Bancorp that manages and facilitates payment
processing on behalf of retailers, financial institutions,
associations, government agencies, and independent sales
organizations. Joseph is also responsible for managing all operations
of NOVA, Transaction Services and EuroConex.
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
H. D. McCullough
SOURCE: U.S. Bancorp