U.S. Bancorp in Minneapolis has a new chief financial officer.

The $429 billion-asset company said that Terry Dolan will take over the job Aug. 1. Dolan currently serves as vice chairman of wealth management and securities services.

He has been with the company for 18 years and has previously served as controller. In his new role, he will report directly to Richard Davis, the chairman and chief executive.

Dolan succeeds Kathy Rogers, who is stepping down due to "changing family circumstances," as well as a desire to be in Cincinnati full time, the company said.

Rogers took over as CFO just over a year ago, in January 2015.

"Executive development is an ongoing conversation at U.S. Bank," Davis said in a press release on Monday. "We are fortunate to have a board of directors that demands bench strength and leadership versatility."

Rogers plans to stay with the company – where she has worked for nearly three decades – as head of stress-testing. She will also participate in the company's second-quarter earnings call on July 15.

Rogers was honored last year as one of American Banker's Most Powerful Women in Banking. She was No. 3 on the list of 25 Women to Watch.

Like many of its competitors, U.S. Bancorp has recently struggled to increase profits, as rates remain low and losses from bad oil loans increase.

Profits declined 3% in the first quarter, to $1.4 billion, compared with a year earlier.

The company said in May that it expects expenses to increase in the second quarter. A portion of those costs stem from compliance-related activities.

U.S. Bancorp last fall was hit with a consent order tied to deficiencies in anti-money-laundering controls.

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