Magazine article American Banker

U.S. Bancorp Centralizes Retail Business under One Exec

Magazine article American Banker

U.S. Bancorp Centralizes Retail Business under One Exec

Article excerpt

U.S. Bancorp is the latest bank company to adopt a line-of-business structure.

Last week, the Portland, Ore.-based company announced a plan to consolidate its state charters and centralize retail operations under one executive.

The $33 billion-asset institution said it had appointed Gary T. Duim as its new head of retail banking.

Mr. Duim, who joined the company in a 1988 acquisition, had previously been president of U.S. Bancorp's corporate banking group, which was already centralized in Portland.

The advent of national interstate banking persuaded U.S. Bancorp that now is the time to combine its six state charters into one bank, Mr. Duim said, with all 600 branches reporting to him in Portland.

"Our approach all along has been that eventually we wanted to look more like one bank," he said.

U.S. Bancorp's announcement came on the heels of similar moves at companies such as Banc One Corp. …

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