The top official at U.S. Bancorp is warning California community banks that their days may be numbered.

John F. Grundhofer, president and chief executive officer of the Minneapolis banking company, told a group of bank presidents here last week that big banks-like his-are expanding in California and aiming to steal business from community banks. As a result, he said, there will be "significantly fewer community banks in California" 10 years from now.

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