STRATEGIC PARTNERS
February 20, 2002
MILWAUKEE AND MINNEAPOLIS -- Firstar Corporation (NYSE:FSR) and U.S. Bancorp (NYSE:USB) have named three additional members of the executive management team that will be formed with the merger of the two companies. A merger agreement was announced Oct. 4.
Andrew Cecere, John Heistad and Daniel Yohannes join the 10 previously announced
members of the executive management team. The new combined company will be known as U.S. Bancorp with headquarters in Minneapolis. The proposed merger of Firstar and U.S. Bancorp is expected to close in the first quarter of 2001.Cecere, 40, has been named head of trust services and private banking. Cecere currently is a vice chairman of U.S. Bank and CFO of U.S. Bancorp. Cecere is also responsible for corporate trust and leasing and was previously responsible for treasury management, international banking and government banking. He has been with the company since 1985.
Heistad, 54, who is currently executive vice president and chief credit officer of Firstar, has been named head of corporate risk management. He has been associated with Firstar for 25 years and served as division head of special loans and senior vice president of credit administration among other positions.
Yohannes, 48, currently a vice chairman of U.S. Bank and head of consumer banking, will lead the overall merger integration efforts and will manage relationships with the company's government and community constituencies as well as public relations. Yohannes has been associated with U.S. Bancorp (then First Bank System) since 1992, when he joined the company as general manager of retail banking for Colorado and also managed the integration of three acquired banks in that state.
Previously announced members of the combined company's executive management team include: William Chenevich, currently vice chairman of Firstar, will serve as head of information technology and operations; Richard Davis, currently vice chairman of Firstar, serves as head of consumer banking; Andrew Duff, currently vice chairman of U.S. Bank, will serve as head of wealth management and capital markets; Daniel Frate, currently vice chairman of U.S. Bank, serves as head of payment systems; Joseph Hasten, currently vice chairman of Firstar, will serve as head of large corporate banking; Robert Hoffmann, currently executive vice president of U.S. Bancorp, will serve as chief credit officer; Lee Mitau, currently executive vice president of U.S. Bancorp, will serve as general counsel; David Moffett, currently vice chairman of Firstar, will serve as chief financial officer; Daniel Quinn, currently vice chairman of U.S. Bank, will serve head of as middle market corporate banking; Steve Smith, currently executive vice president of Firstar, will serve as head of human resources.
With $86 billion in assets, U.S. Bancorp is the 10th largest financial services holding company in the nation. The company operates approximately 1,000 banking offices in the Midwest and West and a network of 5,000 ATMS.
Firstar Corporation has $74.5 billion in total assets, 1,200 full-service banking offices and more than 2,200 ATM locations.
