US Bank 2008 Annual Report Download - page 8

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6 U.S. BANCORP
Baker joins board of directors
In February 2008, Douglas M. Baker, Jr.
was appointed to its board of directors.
Mr. Baker, 49, is the chairman, president
and chief executive offi cer of
Ecolab Inc. Based in St. Paul, Minnesota,
Ecolab is a provider of cleaning,
sanitizing, food safety and infection
control products and services. Doug
brings extensive experience and insight
to the board and his leadership abilities
provide a valuable contribution.
Looking ahead
The disruption and uncertainty in the
fi nancial markets continues. And all
indications are that the challenges will
remain for most of 2009. The size,
scope and pace of change, government
intervention and other activities in
the fi nancial sector refl ect the very
historic nature of this time.
I believe that now, more than ever, the
conservative policies, essential values
and integrity of this Company will
benefi t our shareholders, customers,
communities and employees. I am
extremely proud of our employees. They
have not been distracted by industry
turmoil; they have worked hard, achieved
goals, generated revenue, served
customers and ensured that U.S. Bancorp
is always “open for business.”
Throughout this report, you can read
more about their efforts and how
U.S. Bancorp continues to invest in the
future of this Company, connect with
customers, engage our employees and
grow our business.
Lynne Gordon, M.F.A., Cincinnati artist,
is known for her sculptured fi ne jewelry
in precious metals, drawings and paintings.
She is also an architecture consultant,
supporter of countless fi ne art and civic
endeavors and has been a U.S. Bancorp
client and shareholder for more than 40
years. “The management of U.S. Bancorp
has always impressed me,” says Ms. Gordon.
“A long history of consistent earnings and
conservative policies has increased the value
of my investment in this quality company.”
Harry Bettis, Idaho cattle rancher and
generous philanthropist, knows the value
of a long-term investment, and he’s been
a U.S. Bancorp shareholder for more than
50 years. “I appreciate the prudent way
they run this bank,” says Mr. Bettis. “Steady
earnings and industry leadership over the
years have been an important reason I’ve
stayed with U.S. Bancorp stock. They
manage the company for their shareholders,
as well as for their customers.”
We are managing through these critical
times, but are also operating with a
clear view of the long-term future of
this Company and our fundamental
goal to deliver earnings and returns on
your investment that are consistent,
predictable and repeatable. I am more
confi dent than ever that our future is
bright and the special qualities that
make U.S. Bancorp distinctive among
its peers will become more evident
in the coming year.
Sincerely,
Richard K. Davis
Chairman, President and
Chief Executive Offi cer
March 2, 2009