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U.S. BANCORP ANNOUNCES MANAGEMENT CHANGES
HEASLEY TO LEAVE COMPANY
STONE NAMED HEAD OF BRANCH CHANNEL
MINNEAPOLIS, AUGUST 22, 2000--U.S. Bancorp (NYSE: USB) today announced that
Philip G. Heasley, president and chief operating officer, has decided not to
renew his employment contract with the company. He will stay on through late
fall in a transition role and will continue to serve as U.S. Bancorp's
representative on the Visa board as well as chairman of Visa U.S.A.
Additionally, Kent V. Stone, a 20-year veteran of U.S. Bancorp, has
been named to succeed Peter E. Raskind, U.S. Bank's head of branch channel.
Stone will also become a member of the company's operating committee, which is
composed of the company's most senior executives. Stone, 42, has most recently
served as a regional manager for consumer banking for California, Nevada, Utah
and southeast Idaho. Raskind has announced that he is joining National City
Corporation in Cleveland, Ohio, as an executive vice president with
responsibility for that company's consumer finance line of business.
"We respect Phil's decision," said John F. Grundhofer, U.S. Bancorp
chairman and chief executive officer. "We appreciate his contributions and we
are indeed fortunate to have an outstanding team to build on the successful
management operations and
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U.S. Bancorp Management Changes - 2
procedures that Phil helped to put in place. We are on track to grow this
company and to continue to expand the services we offer to our customers." The
company said it has no plans to replace Heasley at this time and that Grundhofer
would formally take over as chair of the operating committee.
Heasley, 51, who has been with U.S. Bancorp for 13 years, was named
president and chief operating officer in July 1999. "It's been a difficult
personal decision not to renew my contract here," said Heasley. "But I'm at the
point in my career when I want to run a company as a CEO and I've decided to
look outside U.S. Bancorp. This is a great company with good people and a
promising future. I'm happy to have been part of it."
Stone has held a variety of retail banking management positions in
various markets for the company, including district manager for Minneapolis-St.
Paul as well as retail state manager for Illinois and Wisconsin. He was named a
retail market manager for California in 1997, added responsibility for Nevada in
1998 and for Utah and southeast Idaho in 1999.
Raskind, 43, has been with U.S. Bancorp since 1983 and held positions
in operations, commercial banking and corporate trust prior to being named a
vice chairman of U.S. Bank in September of 1999. "It has been a great pleasure
to be a part of the growth of U.S. Bancorp. I have enjoyed every experience, but
the opportunity with National City allows us to move closer to our family in
Ohio," Raskind explained.
Grundhofer commented, "Kent has proven to be an effective leader and
has done a great job for us on the West Coast. We'll miss Peter and understand
his wish to be closer to family and accept a new challenge."
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U.S. Bancorp Management Changes - 3
Minneapolis-based U.S. Bancorp (NYSE: USB), with $86 billion in assets,
is the 10th largest financial services holding company in the nation and
operates approximately 1,000 banking offices in the Midwest and West. The
company provides comprehensive banking, trust, investment and payment systems
products and services to consumers, businesses and institutions. It operates a
network of 5,000 ATMs and provides 24-hour, seven-days-a-week telephone customer
service. The company offers full-service brokerage services at approximately 100
offices through U.S. Bancorp Piper Jaffray. The company is the largest provider
of Visa corporate and purchasing cards in the world, and is one of the largest
providers of corporate trust services in the nation. For further information,
please visit the U.S. Bancorp web site at www.usbank.com.
