Form 8-K US BANCORP \DE\ For: Jun 13

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

U.S. Bancorp
__________________________________________
(Exact name of registrant as specified in its charter)

Not Applicable
______________________________________________
Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On June 13, 2016, U.S. Bancorp (the "Company") announced the appointment of Terrance R. Dolan, the Company’s Vice Chairman, Wealth Management and Securities Services, to the position of Vice Chairman and Chief Financial Officer, effective August 1, 2016. Mr. Dolan will succeed Kathleen A. Rogers, the Company’s current Vice Chairman and Chief Financial Officer, who has informed the Company that she plans to step down from her position at that time. Ms. Rogers will remain with the Company in another role.

The terms of Mr. Dolan’s compensation for his new position have not been determined at this time.

Mr. Dolan and certain of his family members have engaged in lending and other ordinary banking transactions with our banking subsidiaries. All loans and loan commitments and any transactions involving other financial products and services in connection with these transactions were made in the ordinary course of business, on substantially the same terms, including current interest rates and collateral, as those prevailing at the time for comparable transactions with others not related to our banking and investment subsidiaries and did not involve more than the normal risk of collectibility or present other unfavorable features.

A copy of the press release issued by the Company on June 13, 2016, for this announcement is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

99.1 Press release dated June 13, 2016.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Exhibit Index

News Release

U.S. Bancorp Appoints Terry Dolan as Chief Financial Officer;
Dolan is Currently Vice Chairman, Wealth Management & Securities Services

Kathy Rogers, Currently Chief Financial Officer to Step Down;
Will Remain With the Company in Leadership Role

MINNEAPOLIS – June 13, 2016 – U.S. Bancorp (NYSE: USB), the parent company of U.S. Bank National Association, the fifth largest commercial bank in the United States, announced today that Terry Dolan, currently vice chairman, Wealth Management & Securities Services, has been appointed to vice chairman and chief financial officer, effective Aug. 1. He will report to Richard Davis, chairman and chief executive officer.

Kathy Rogers, currently vice chairman and chief financial officer, has made the difficult decision to step down from that role, effective Aug. 1, due to changing family circumstances and the need to be in Cincinnati full-time. She will remain with the company in her previous role, as head of the Stress Test process, and be based in Cincinnati. Rogers will continue in her responsibilities as CFO through the transition and will participate in the second quarter earnings results conference call on July 15.

Dolan has been with U.S. Bank for nearly 18 years and has been in his current role as vice chairman, Wealth Management & Securities Services since July 2010. Prior to his current role, he served as executive vice president and controller at U.S. Bank. In addition, he has led a variety of important functions, including accounting and related operations, finance, tax, corporate insurance, corporate development and business integration, where he was responsible for a variety of merger and acquisition activities. Under his leadership, Wealth Management & Securities Services’ revenues have grown approximately 30 percent and net income has grown approximately 18 percent, including expansion into U.S. Bank’s European markets. The process to identify Dolan’s replacement for Wealth Management & Securities Services is underway.

“Executive development is an ongoing conversation at U.S. Bank. We are fortunate to have a Board of Directors that demands bench strength and leadership versatility,” Davis said. “Terry is an exceptional leader who has held a variety of high-profile roles at the bank with a strong track record of delivering outstanding results. Terry will seamlessly transition into the CFO role, given his extensive financial background and the diverse experiences he has had with the bank.”

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About U.S. Bank

U.S. Bancorp (NYSE: USB), with $429 billion in assets as of March 31, 2016, is the parent company of U.S. Bank National Association, the fifth largest commercial bank in the United States. The Company operates 3,129 banking offices in 25 states and 4,954 ATMs and provides a comprehensive line of banking, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.

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