U.S. Bancorp said Friday that it has promoted an executive to be the new chief executive of its institutional financial services group.

Thomas Plumb, who started the new job Wednesday, oversees nearly $80 billion of assets under management as well as the custody and employee benefits business groups.

He is responsible for mutual funds, trust, 401(k) accounts, and other products that are aimed at institutions rather than retail customers.

Mr. Plumb, who had been executive vice president of institutional financial services, succeeds John Murphy, who will focus on working directly with clients and prospects, the banking company said. Mr. Plumb's previous post will not be filled.

Separately, U.S. Bancorp said Thursday that it would buy the corporate trust business of Reliance Trust Co., a privately held Atlanta firm that is the largest manager of municipal bond issues in Georgia.

The deal would enable the banking company to extend its corporate trust business into the Southeast, with offices in Atlanta, Fort Lauderdale, Fla., and Nashville. U.S. Bancorp did not disclose terms of the deal, which is to close in this quarter.

The $74 billion-asset company plans to fold Reliance into its corporate trust subsidiary, which operates 16 offices and offers trustee services for municipal, corporate, asset-backed, and international bonds.

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