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U.S. Bank and Wells Fargo are among America’s five largest banks.
Shop Small, Shop local, Deluxe survey indicates
A new study in advance of the critical holiday season reveals that 95 percent of consumers believe it is important to support local, small businesses this holiday season.
The Deluxe Annual Holiday Shopping Survey of 1,000 consumers nationally, commissioned by Deluxe Corp., supplier of products and services for financial institutions and small businesses, shows 35 percent of consumers plan to shop at small businesses this year for their holiday gifts, an 8 percent increase from 2012.
“Small businesses should be very encouraged by the results of the survey,” said Deluxe Vice President Tim Carroll in a statement. “Since shoppers increasingly use technology to plan and fulfill their holiday shopping needs, small businesses must leverage that same technology to remain top-of-mind and drive sales.”
The survey found that 78 percent plan to do their holiday shopping online and 28 percent prefer a small-business or boutique website; only 15 percent of consumers will do the majority of holiday shopping on “Black Friday” or “Cyber Monday,” while 42 percent prefer buying gifts earlier in November; 86 percent prefer a holiday card through the U.S. Postal Service over e-mail.
• U.S. Bancorp’s fast-growing wealth management arm has named Mike Ott as president of the Private Client Reserve, which focuses on high net-worth customers with more than $1 million to invest. Ott replaces Michael Boardman who has jumped to larger rival JPMorgan Chase to become CEO of Chase Wealth Management. Ott joined Private Client in 2008 as its inaugural head of investments. Ott, former head of equity research at Piper Jaffray, graduated from the U.S. Air Force Academy, serves in the Minnesota Air National Guard and is an adviser to the Pentagon on cyber operations.
• U.S. Bank has closed on a financing package of $118 million for Plymouth-based Dominium to develop the historic Pillsbury A Mill in Minneapolis into 251 units of affordable rental housing for artists. The historic flour mill, built in 1881 and closed in 2003, is a U.S. National Historic Landmark and just two years ago was named one of the nation’s 11 most endangered buildings by the National Trust for Historic Preservation.