Magazine article American Banker


Magazine article American Banker


Article excerpt

Flight Delay?

Jerry Grundhofer, the chief executive officer of U.S. Bancorp, was a no-show Wednesday at a small-business banking conference in Chicago, where he was due to give the keynote address.

According to Joe Belew, the president of the Consumer Bankers Association, which was hosting the conference, Mr. Grundhofer's plane had technical problems and had to make an emergency landing in Dubuque, Iowa.

However, representatives for U.S. Bancorp in Minneapolis would not give details about what delayed Mr. Grundhofer, other than to say there was no cause for alarm.

A call to the Dubuque Regional Airport was not returned before press time.

Exercise Regimen

The top brass at Bank of America Corp. have been busy exercising options and selling millions of dollars of shares in recent weeks.

Ken Lewis, the Charlotte company's chairman and chief executive, who was one of the highest paid executives in U.S. banking last year, in April announced plans to exercise options and sell 400,000 shares this year under a prearranged trading plan. In the latest sales Wednesday, he sold 57,144 shares at between $78.02 and $78.60 each, pocketing about $3 million. The option price was $26.81 per share, according to a securities filing. The options were granted in 1995 and expire in 2005.

His colleagues in B of A's executive suite also are following trading plans to avoid disrupting the market with huge sales.

Edward J. Brown 3d, its corporate and investment banking chief, made $816,000 by selling 30,000 shares on Wednesday. Amy Woods Brinkley, the chief risk officer, netted $936,000 from share sales on Sept. 5, and Jim Hance Jr., the chief financial officer, earned $2.5 million through sales on Sept. 10.

B of A's shares were trading Thursday at around $79, off 7% from a midsummer high of $84.90.

Swiss Connection

Joe Duwan took a new job Wednesday as the director of U. …

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