MINNEAPOLIS--(BUSINESS WIRE)--July 13, 2006--The board of
directors for U.S. Bancorp (NYSE:USB) has elected Richard (Dick) Payne
to the position of vice chairman and head of corporate banking, and
Joseph Hoesley to the position of vice chairman and head of commercial
real estate. They will report to Richard Davis, president and chief
operating officer of U.S. Bancorp, and serve on the company's managing
"We welcome Dick to U.S. Bank and know that his more than 30 years
of experience in corporate banking will bring great service to our
customers and value to our shareholders. I also want to congratulate
Joe on his years of success in building the commercial real estate
business at U.S. Bank, and welcome him to the managing committee,"
said Davis. "Dick and Joe will now join Joseph Otting, vice chairman
and head of commercial banking, as the new management team to lead our
wholesale banking activities as we continue to place greater emphasis
on the corporate, commercial and commercial real estate business
Payne, 58, comes to U.S. Bank from National City Corporation in
Cleveland where he was executive vice president of capital markets, a
position he has held since 2001. He is veteran of the banking industry
with 30 years in corporate banking positions at Wachovia, Bank of
America, Morgan Stanley and Chemical Bank. Prior to his banking
career, he spent two years in the United States Navy as a supply
officer on the USS Neptune. Payne earned a bachelor's degree from the
University of Virginia and an MBA from Harvard Business School.
Additionally, Payne is vice chairman and a board member of
CureSearch/National Childhood Cancer Foundation and chairman of the
University of Virginia Alumni Association. He also serves as a board
member on the Jefferson Scholars Foundation and a variety of other
industry-related and charitable organizations.
Hoesley, 51, has led commercial real estate at U.S. Bank since
joining the company in 1992. During this time, he helped build the
commercial real estate division into 30 regional offices and a team of
more than 300 employees, with a real estate portfolio of $24 billion.
Under Hoesley's leadership, the real estate group initiated a
mezzanine loan program and joint ventures that provide structured
financing, commercial mortgage-backed securities, underwriting and
securitization capabilities for U.S. Bank customers. Hoesley earned a
bachelor's degree from St. John's University in Collegeville, Minn.
and an MBA from DePaul University in Chicago.
Hoesley is a trustee of the International Council of Shopping
Centers (ICSC) and of the Center for Urban Land Economics Research
University of Wisconsin-Madison. He is also a board member of Catholic
Charities of Minneapolis-St. Paul, and a member of numerous other
professional and civic organizations.
U.S. Bancorp, with assets of $210 billion, is the 6th largest
financial holding company in the United States. The company operates
2,430 banking offices and 4,941 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 the parent company 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
Judith Murphy (Analysts), 612-303-0783
SOURCE: U.S. Bancorp