Jerry A. Grundhofer, chairman emeritus of U.S. Bancorp, has been selected to receive American Banker's 2008 Lifetime Achievement Award.
Mr. Grundhofer was U.S. Bancorp's chairman from 2002 until his retirement in December 2006. He is a previous recipient Banker of the Year award winner, having been recognized in 2000 with that honor, and his career spanned more than 40 years in all.
In 1993, when Mr. Grundhofer joined Star Banc Corp. — one of U.S. Bancorp's predecessor companies — it had 200 branches in three states, $7.6 billion in assets, and a market capitalization of $1 billion. In 2001, his company, which was then known as Firstar Corp., had grown to more than $70 billion in assets, and was just about to take on one of its biggest challenges — the acquisition of the even larger U.S. Bancorp, which was led by Mr. Grundhofer's brother, John "Jack" Grundhofer.
The company has continued to deliver solid results in the years since the merger. By the time of Jerry Grundhofer's retirement, U.S. Bancorp had grown to nearly 2,500 full-service branches in 24 states, with more than $219 billion in assets. During his 13-plus years as CEO, U.S. Bancorp shareholders realized the highest total shareholder return among the nation's largest banks: 1,253%, or a compounded annual growth rate of 21%.
In 2006, Mr. Grundhofer began the final phase of his U.S. Bancorp career, handing over leadership of the company to Richard Davis, who now holds the titles of president, CEO, and chairman. Throughout and subsequent to that transition, which was completed at the end of 2007, U.S. Bancorp has maintained its outperformance, a noteworthy example of effective succession planning and execution amid the most intense industry headwinds in many years.
Mr. Grundhofer will be among six industry leaders saluted at this year's Banker of the Year Awards gala. The event will be held Dec. 4 at the Plaza Hotel in New York. (For more information on the event, click here.)
Other honorees, including Banker of the Year, Community Banker of the Year, and Innovator of the Year, will be announced in coming days.