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Archive for Friday, December 14, 2012

Lawrence resident set to become vice chairman of U.S. Bancorp

December 14, 2012

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Lawrence banker John Elmore takes over as U.S. Bancorp vice chairman of community banking and branch delivery on March 1. U.S. Bancorp is the fifth largest bank in the country.

Lawrence banker John Elmore takes over as U.S. Bancorp vice chairman of community banking and branch delivery on March 1. U.S. Bancorp is the fifth largest bank in the country.

A Lawrence resident is set to become a vice chairman of the fifth largest commercial bank in the country and oversee all its branches, community and metropolitan banking operations.

U.S. Bancorp has announced that longtime Lawrence banker John Elmore will take over as the company’s vice chairman of community banking and branch delivery on March 1.

In his new role, Elmore will oversee the company’s branch bank network that stretches across nearly 800 communities in 24 states.

“It is a very interesting time to be in the banking industry, no doubt,” Elmore said. “There are a lot of potential regulatory changes and economic challenges facing certain people, but I think there are a lot of good things about to happen as well.”

Elmore’s latest position — which will report directly to U.S. Bancorp’s chairman, president and chief executive officer Richard Davis — continues a rise through the banking industry that began in Lawrence.

Elmore came to Lawrence in 1988 and served as president of First National Bank of Lawrence. He served as a bank president in his early 30s and was one of the youngest bank presidents in the country. As First National Bank of Lawrence was bought out by larger banking companies, Elmore rose through the ranks. Elmore currently is the executive vice president and head of community banking at Minneapolis-based U.S. Bancorp.

Elmore said he and his family will continue to make Lawrence their primary residence.

Comments

Bob Forer 2 years ago

“There are a lot of potential regulatory changes and economic challenges facing certain people, but I think there are a lot of good things about to happen as well.”

Perhaps Mr. Elmore didn't mean what he apparently implies in his statement above, but he seems to be saying that potential regulatory changes will be a bad thing.

For whom? The bankers? Or the economic well being of our country?

We shouldn't forget that the recent recession was precipitated by the sub prime mortgage crises, which in turn, was the result of deregulation of certain banking practices pushed through by the Bush administration at the request of the banking industry. .

It is sad to think that a capable and powerful banker did not learn any lessons from the four year economic downturn we have yet to fully climb out of.

appleaday 2 years ago

That's exactly what I thought when I read this.

no_thanks 2 years ago

Once again, it was Clinton who repealed Glass-Stegall. Further, while greed was a major cause of the sub prime crises, so was the effect of putting policies in place to make home ownership affordable. Had Fannie Mae and Freddie Mac not entered the ome mortgage business, the ability to layoff fraudulent loans would have been eliminated as bank's would have been forced to warehouse the loans. The risk management and loan policies at most bank's would have clearly rejected low doc or no doc loan applications.

attorney1776 2 years ago

"the result of deregulation of certain banking practices pushed through by the Bush administration at the request of the banking industry."

I think you should direct your criticism towards Barney Frank and Maxine Waters. If you're going to make your point quoting history, please be familiar with historical fact. Barney and Maxine were the primary instigators of sub-prime mortgage lending to unqualified borrowers who never had the ability to pay back their loans. These 2 congresspeople pressured Fannie and Freddie to lower their lending standards over many years.

While the Bush administration may have allowed this "bullying" to occur unchallenged, the instigators were primarily responsible.

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