MINNEAPOLIS--(BUSINESS WIRE)--Dec. 12, 2006--Richard K. Davis has
succeeded Jerry A. Grundhofer as chief executive officer of U.S.
Bancorp (NYSE:USB), parent company of U.S. Bank. Davis will retain his
title of president in addition to his new title of chief executive
officer. Grundhofer will remain with U.S. Bancorp as chairman of the
board until December 31, 2007.
The change takes place in accordance with an established
succession plan, which was announced on July 18, 2006, at which time
Davis, 48, was elected to the board of directors of U.S. Bancorp. He
had been president and chief operating officer of U.S. Bancorp since
October 2004. Grundhofer, 62, had been chief executive officer since
1993 and chairman of the board since 2002. Davis was vice chairman
responsible for consumer and commercial banking from 2003 to 2004, and
vice chairman or executive vice president of consumer banking from
1993 to 2003.
Grundhofer and Davis have worked closely since 1993, when
Grundhofer was named CEO of U.S. Bancorp (then known as Star Banc
Corporation). One of his first acts was to recruit Davis to lead
consumer banking. Grundhofer and Davis previously worked together at
Security Pacific and Bank of America.
Davis has more than 30 years of experience in the banking industry
and was a key leader in the successful mergers of Firstar Corporation
with U.S. Bancorp in 2001, Firstar with Mercantile Bancorporation in
1999, and Star Banc Corporation with Firstar in 1998. Davis joined the
company in November 1993. Before that time he was executive vice
president of Bank of America and of Security Pacific. He earned a
bachelor's degree in economics from California State University
Davis serves on the boards of Xcel Energy, Inc., the American
Bankers Association, Visa U.S.A. and Visa International, the Minnesota
Orchestra, the National Underground Railroad Freedom Center, the
Guthrie Theatre and the Minneapolis YMCA.
U.S. Bancorp, with assets of $217 billion, is the 6th largest
financial holding company in the United States. The company operates
2,467 banking offices and 4,943 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