MINNEAPOLIS--(BUSINESS WIRE)--April 16, 2007--Diane L.
Thormodsgard has been named vice chairman and head of wealth
management at U.S. Bancorp. Thormodsgard, who has been with U.S.
Bancorp since 1978, will report directly to Richard K. Davis,
president and chief executive officer of U.S. Bancorp, and serve as a
member of the organization's management committee.
"I am very pleased to welcome Diane as a permanent member of our
senior management team," commented Davis. "She has nearly 30 years of
financial service experience and has an extensive and impressive
record of exceptional performance, having orchestrated some of the
largest corporate trust acquisitions in the history of the industry."
Thormodsgard, 56, most recently served as the interim manager of
wealth management, a position she assumed after Andrew Cecere was
named chief financial officer for U.S. Bancorp on February 27, 2007.
As head of wealth management, Thormodsgard will be responsible for
corporate trust, institutional trust and custody, private client
group, trust technology and support services, private asset
management, U.S. Bancorp Fund Services LLC, U.S. Bancorp Investments,
U.S. Bancorp Insurance Services LLC, First American Funds and FAF
Prior to her interim position, Thormodsgard was president of
corporate trust and institutional trust and custody services at U.S.
Bancorp, where she managed the corporate trust services business,
which is a leading provider of corporate trust and escrow services in
the country. She also managed institutional trust and custody
services, which offers retirement, custody, investment services and
health savings accounts to institutional clients through its national
network of offices.
Thormodsgard has also managed finance, operations and
administrative functions for the company and its predecessors,
including chief administrative officer and senior vice president for
corporate trust services, senior vice president of regional community
banking, and chief administrative officer and treasurer for First Bank
System Mortgage Corporation.
Thormodsgard serves on the boards of the St. Paul Chamber of
Commerce, St. Paul Chamber Orchestra, Minnesota Church Foundation, and
Central Corridor Partnership. She is also a member of the Lutheran
Social Services Finance Committee, Minnesota Society of Certified
Public Accountants and American Institute of Certified Public
Accountants. Thormodsgard has twice been honored by U.S. Banker
magazine in its prestigious annual profile of the "Most Powerful Women
Thormodsgard earned a Masters of Business Administration from the
University of Minnesota and a Bachelor of Arts degree in mathematics,
economics, and accounting from Luther College in Decorah, Iowa. She
resides in Plymouth, Minn., with her husband.
U.S. Bancorp (NYSE:USB), with $219 billion in assets, is the
parent company of U.S. Bank, the 6th largest commercial bank in the
United States. The company operates 2,472 banking offices and 4,841
ATMs, and provides a comprehensive line of banking, brokerage,
insurance, investment, mortgage, trust and payment services products
to consumers, businesses and institutions. Visit U.S. Bancorp on the
web at www.usbank.com.
CONTACT: U.S. Bancorp
Steve Dale, Media Relations, 612-303-0784
Teri Charest, Media Relations, 612-303-0732
SOURCE: U.S. Bancorp