U.S. Bancorp in Minneapolis has tapped long-time Chicago banker Marsha Cruzan as the new president of its Chicago-area operations.
Cruzan, a 33-year banking veteran, joins U.S. Bancorp from JPMorgan Chase & Co., where she most recently served as a managing director in the bank's wealth management group. She has held a variety of positions during her career, including management stints in such area as capital markets, syndications, commercial and investment banking and cash management.
The $340 billion-asset U.S. Bancorp has been steadily gaining market share in the Chicago market in recent years and it is counting on Cruzan to help continue that growth. Its acquisition of the failed Park National Bank in late 2009 roughly doubled its deposits share in the Chicago market and added more than two-dozen branches. At June 30, U.S. Bancorp had the 11th-largest deposit share in the market, compared to the 17th-largest two years earlier.
"Chicago is an important market for U.S. Bank, and one where we have grown significantly in recent years," Kenneth Ladd, executive vice president and head of commercial banking at U.S. Bancorp, said in a news release. "We welcome Marsha's leadership as we continue that growth and service to Chicago consumers and businesses."
Cruzan replaces Lynn Rosinsky, who recently left the company.
