U.S. Bank names new Twin Cities president

The bank's new market president sees "fairly robust" growth in commercial lending in the Twin Cities.

May 29, 2013 at 2:24AM
U.S. Bank names Phillip R. Trier president of Twin Cities market
Phillip Trier (The Minnesota Star Tribune)

U.S. Bancorp has named Phillip Trier market president for the Twin Cities.

Trier, 34, of Plymouth, has been with the bank 13 years, most recently as a senior vice president leading commercial banking in the Twin Cities. He replaces Elliot Jaffee, who was promoted earlier this year to oversee commercial lending in U.S. Bank's metro markets.

The Minneapolis-based bank, one of the top performing big banks in the country, has $355 billion in assets and employs about 11,000 employees in Minnesota. It's the second-largest lender in the state after Wells Fargo & Co.

Federal Reserve data suggest U.S. banks have seen commercial loan growth cool in recent months as companies pull back somewhat on borrowing.

However, in an interview Tuesday, Trier said he isn't seeing that in the Twin Cities and that the local economy is outperforming the nation. He described commercial loan growth in the metro area as "fairly robust" for corporate borrowers, ranging in size from $20 million to $500 million in sales. The demand is coming as much from existing customers as from new business U.S. Bank is taking from other lenders, he said, adding that the uptick runs the gamut of industries.

"It's very competitive right now for commercial loans," Trier said.

U.S. Bank, as a whole, reported year-over-year commercial loan growth of nearly 17 percent in the first quarter.

Jennifer Bjorhus • 612-673-4683

about the writer

about the writer

Jennifer Bjorhus

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Jennifer Bjorhus  is a reporter covering the environment for the Star Tribune. 

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