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U.S. Bancorp Names Elliot Jaffee Head of Commercial Banking

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U.S. Bancorp (USB) has promoted longtime executive Elliot Jaffee to head its commercial banking division.

The $354 billion-asset company said Tuesday that Jaffee will oversee roughly 550 people in offices in 25 states.

He succeeds Kenneth Ladd, who retired at the end of last year after 30 years with the company.

Jaffee, who has served as president of the Minneapolis -St. Paul market since 2006, became a regional manager four years ago and currently oversees commercial bankers in the Twin Cities, Seattle, Portland, Las Vegas, Phoenix and Salt Lake City.  He joined the company in 1995.

"Elliot is a dynamic leader and a great banker, who our middle market business clients trust and respect," Dick Payne, U.S. Bancorp's vice chairman and head of wholesale banking, said in a press release. "As head of commercial banking, Elliot will play an important role in helping us build on our momentum in the $10 million to $500 million client segment."

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10 Key Insights About the Unbanked
They are spending a lot, just not with you.

Revenue is growing significantly and steadily for products targeting people outside the financial mainstream.

Though they use banks very little or not at all, these consumers do use financial products and services. It is a market segment that generated an estimated $107 billion in fee and interest revenue during 2014, up 4.6% from the prior year, according to estimates from the Center for Financial Services Innovation.

Two recent studies offered some key insights about these so-called "underbanked" and "unbanked" consumers. Here is a quick overview, with charts to illustrate.

(Image: Bloomberg News)

[Conference Program Note: Join CFSI and American Banker for the 10th annual EMERGE Forum, with an agenda featuring the latest insights and strategies to help you meet the needs of underserved consumers responsibly and profitably.]

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