Larry Otto has jumped ship from the second-largest bank in St. Louis to the largest.
U.S. Bancorp has hired Otto to be its St. Louis market president. Otto succeeds Joseph Imbs III, who recently retired after working at the $410 billion-asset U.S. Bancorp for about 40 years.
U.S. Bank is St. Louis' biggest bank, as measured by number of branches. U.S. Bank operated 118 branches in metro St. Louis, as of June 30, 2014, according to the Federal Deposit Insurance Corp. Bank of America was second-largest with 55 branches.
U.S. Bank is the second-largest St. Louis bank as measured by total deposits, with $14.7 billion, after Scottrade Bank, according to the FDIC.
Otto "is regarded highly in the banking industry and throughout his career he has demonstrated a commitment to giving back to the community," Richard Davis, chairman and chief executive of U.S. Bancorp, said in a news release.