Former Firstar Chairman, Thomas H. Jacobsen Loses Battle With Leukemia

Business Wire, July 23, 2002

Business Editors

ST. LOUIS--(BUSINESS WIRE)--July 23, 2002

Jerry A. Grundhofer, president and chief executive officer of U.S. Bancorp, regrets to announce that Thomas H. Jacobsen, chairman emeritus of U.S. Bancorp (NYSE:USB) and former chairman, president and chief executive officer of Mercantile Bancorporation Inc. and chairman of Firstar Corporation, passed away on Saturday afternoon, July 20, 2002, after a courageous battle against leukemia.

In memory of Jacobsen, the lights at the top of the U.S. Bank Plaza in downtown St. Louis were dark on Monday, July 22 and the same tribute will occur on the evening of Tuesday, July 23, 2002.

A memorial service will be held for Jacobsen at Washington University's Graham Chapel on September 28, 2002. The funeral will be in Ponte Vedra Beach, Florida. The family strongly requests that no flowers be sent. Instead, contributions can be made to The Marrow Foundation, 400 Seventh St. N.W., Suite 206, Washington, DC 20004, to establish a St. Louis center for potential donors to join the National Registry, saving the lives of thousands of people afflicted with leukemia, myeloma or lymphoma.

Grundhofer remarked, "On behalf of all members of our organization I would like to take this opportunity to convey our condolences, our thoughts and our prayers to Tom's wife and family. He will be missed by all those who knew him, and while no words can truly express our sorrow, we are all saddened by his passing, yet blessed for having known him."

As an executive, Jacobsen had a reputation for outstanding integrity and candor. He was widely known for his planning skills, for setting goals and building a strong team focused on success. He often attributed his enjoyment of challenges and competition to his early successes in athletics, especially golf and basketball. On a personal level, he was recognized as a superb golfer, master bridge player, outstanding fisherman and avid art collector.

Jacobsen, age 62, joined Mercantile Bank as CEO in March, 1989, and led the corporation through ten successful years, increasing assets from $6.4 billion in 1989 to $36 billion by 1999. Along the way, Mercantile achieved a number one ranking in overall financial performance of the largest 65 bank holding companies in America. Subsequently he led Mercantile into a merger with Firstar Corporation (now U.S. Bancorp), becoming chairman of the board of the merged organization.

From the moment he arrived in St. Louis, Jacobsen devoted substantial energy to numerous civic and philanthropic organizations. He was chairman of record-setting campaigns for the United Way of Greater St. Louis and the Salvation Army. As president and chairman of Civic Progress, a St. Louis group of major corporations and organizations, he provided leadership and support for broad-based community initiatives. He also served as chairman of the St. Louis Symphony Orchestra, chairman of the St. Louis Area Council of the Boy Scouts of America and trustee of Washington University.

On the national scene, Jacobsen played a key role in the banking industry as president of the Federal Reserve Advisory Council, which represents the industry in advising Chairman Alan Greenspan on monetary policy. He was a director of the Bankers Roundtable, executive board member of the national Boy Scouts of America, and member of the board of directors of Ameren Corporation, TWA, Sallie Mae and the Federal Reserve Bank of St. Louis.

Jacobsen graduated from Lake Forest University in Chicago with the highest academic and athletic honors, received a Masters of Business Administration degree from the University of Chicago, a degree from the Advanced Management Program of the Harvard University Business School, and honorary doctorate from Lake Forest University.

Before coming to St. Louis, Jacobsen was vice president of the First National Bank of Chicago and vice chairman of the board of Barnett Banks, Inc., of Florida, where he led Barnett's dramatic expansion.

Jacobsen is survived by his beloved wife, Diane DeMell Jacobsen. Triggered by the onset of his illness, she orchestrated an extraordinary campaign to enlist more than 60 corporations and organizations across the country to sponsor stem cell marrow donor drives adding thousands of donors to the National Registry. A donor could not be found in time to save his life. Thomas Jacobsen is also survived by his brother Robert Jacobsen and wife Jane of Evanston, Illinois; his cousin, Dr. Charles James and wife Shirley of Lake Bluff, Illinois; and sisters-in-law Lisette Dooley and husband Paul of Fairfield, Connecticut; and Nancy Williams and husband Gene of Springfield, Virginia.

Our community has lost a true leader, outstanding business executive and dedicated public servant and a great man.

(Please note: A digital photo of Tom Jacobsen is available by calling Jennifer Wendt at 612-973-1151. For additional information regarding the memorial service to be held in St. Louis on Saturday, September 28th, please contact Dianne Scaccia at 314-418-8003.)