The wealth-management arm of U.S. Bancorp (USB) in Minneapolis has added a former Mayo Clinic executive to its health care team.
Kenneth Palattao, 48, has been named vice president and health care banking specialist for The Private Client Reserve of U.S. Bank, the company said in a press release Tuesday. Before assuming his current role, Palattao was vice president of operations and surgical services at the Mayo Clinic Health System in Rochester, Minn. Previously he had been executive director of Pediatric Surgical Associates and regional director at Park Nicollet Clinic Health Services; both organizations are located in the Twin Cities area.
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Palattao "will bring firsthand experience on the day-to-day financial management of a health care practice" to his new role, the release said. The health care team specializes in providing medical professionals and health care practices with lending, investment management and financial planning services.
A number of banks have taken steps to build up health care units and other specialty industry groups in recent years. RBS Citizens Financial Group in Providence, R.I. and Opus Bank in Irvine, Calif. formed health care divisions earlier in 2013, while ViewPoint Bank in Plano, Texas launched an energy-finance division. Regions Financial (RF) in Birmingham expanded its restaurant, healthcare and technology and defense banking groups in 2012.