U.S. Bancorp (USB) has promoted longtime executive Elliot Jaffee to head its commercial banking division.

The $354 billion-asset company said Tuesday that Jaffee will oversee roughly 550 people in offices in 25 states.

He succeeds Kenneth Ladd, who retired at the end of last year after 30 years with the company.

Jaffee, who has served as president of the Minneapolis -St. Paul market since 2006, became a regional manager four years ago and currently oversees commercial bankers in the Twin Cities, Seattle, Portland, Las Vegas, Phoenix and Salt Lake City.  He joined the company in 1995.

"Elliot is a dynamic leader and a great banker, who our middle market business clients trust and respect," Dick Payne, U.S. Bancorp's vice chairman and head of wholesale banking, said in a press release. "As head of commercial banking, Elliot will play an important role in helping us build on our momentum in the $10 million to $500 million client segment."

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