Joseph Otting Named as New President of U.S. Bank's Portland, Oregon Market

Business Wire, Dec 28, 2001

Business Editors

PORTLAND, Ore.--(BUSINESS WIRE)--Dec. 28, 2001

Joseph M. Otting has been named as the new president of U.S. Bank in the Portland, Oregon, market. Otting replaces John H. Rickman, who announced in November that he was retiring from U.S. Bank on December 31, 2001, after more than 38 years of service.

Jerry Grundhofer, president and chief executive officer of U.S. Bancorp (NYSE:USB), the parent company of U.S. Bank in Portland, noted, "Joseph is a great addition to our team in Oregon and will continue to build on the solid foundation that John has established in the market. Joseph has more than 20 years of banking experience and is committed to providing quality customer service to the individuals and businesses we serve in the region."

Prior to joining U.S. Bank, Otting was with Union Bank of California for more than 15 years where he most recently was executive vice president and group head of commercial banking. While with Union Bank of California his experience included corporate and middle market commercial banking, commercial finance, equity sponsored lending, global trade activities and owner occupied real estate lending. Before joining Union Bank of California he was with Bank of America where he held positions in branch management, private banking and commercial lending.

Otting is a graduate of the University of Northern Iowa in Cedar Falls, Iowa and the Graduate School of Credit and Financial Management at Dartmouth College in Hanover, New Hampshire.

U.S. Bancorp with assets in excess of $168 billion, is the 8th largest financial services holding company in the United States. The company operates 2,186 banking offices and 4,937 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 home of the Five Star Service Guarantee which assures customers of certain key banking benefits and services or customers will be paid for their inconvenience. U.S. Bancorp is the parent company of Firstar Bank and U.S. Bank. Visit U.S. Bancorp on the web at usbank.com and Firstar Bank at firstar.com.