- U.S. Bancorp honored longtime executive Terry Dolan during its first earnings call of the year, following his death in a plane crash on March 31, where he was the sole passenger. Remembered for his leadership, warmth, and community contributions, Dolan was celebrated by colleagues and investors for his pivotal role in the bank’s growth and his deep commitment to philanthropy.
On its first earnings call of the year U.S. Bancorp executives remembered their former colleague Terry Dolan, who died in a plane crash in Minnesota last month.
Previously the bank said it believed Dolan had died when the Socata TBM 700 airplane registered in his name crashed into a home near Brooklyn Park on the outskirts of Minneapolis on March 31.
On April 1 authorities confirmed Dolan, 63, had been the pilot and sole passenger on board the flight.
“As we collectively mourn the loss of our dear friend and colleague, Terry Dolan, the U.S. Bank family truly appreciates the outpouring of support and heartfelt condolences we’ve received from far and wide. Our prayers continue to be with his family and friends during this most difficult time,” CEO Gunjan Kedia said in a press release ahead of the earnings call.
On the call investors and analysts shared their condolences with the team at U.S. Bank, remembering Dolan’s “big smile and warm embrace.”
“He’ll be missed by everybody on this call and throughout the investment community,” added Gerard Cassidy, an analyst at RBC Capital Markets.
Kedia, who had taken over the top job at U.S. Bank days before the earnings update, opened her remarks with thanks to those peers, adding: “We have truly appreciated the outpouring of support we have received from the investment community since his tragic passing last month and our thoughts remain with his friends and family.”
Per a statement from the FAA, Dolan’s plane departed from Des Moines International Airport in Iowa and was bound for Anoka County-Blaine Airport in Minneapolis. The accident occurred at approximately 12.20pm.
One person was in the home that the plane crashed into, but the individual was able to escape safely.
Dolan’s career at U.S. Bank
Dolan was born and bred in Minnesota, where U.S. Bank is based, and was the tenth of 13 children in a busy farming family. Per his obituary in ‘The Minnesota Star’, Dolan was a keen sportsman who met his wife, Susan Mix, at a golf club, and the pair married in 1982.
A year later, Dolan graduated from Minnesota’s University of St Thomas with a degree in accounting.
He began his career in public accounting before specializing in banking. The Dolan family moved to Ohio but returned to their home state in 1998 courtesy of an offer to join U.S. Bank.
At America’s fifth-largest bank, Dolan served in a range of roles, including vice chair of wealth management and investment services, executive vice president and controller, chief financial officer and ultimately vice chair and chief administration officer.
Dolan is credited with helping lead the bank on its journey of growth and digital transformation, while maintaining its well-reported focus on strong risk management and finances.
The executive also let the bank’s community development work, including investments in areas such as affordable housing and renewable energy tax credit financing.
Dolan’s fellow alumni at the University of St Thomas include U.S. Bank’s former CEO Andy Cecere, who wrote in a communication to employees before his departure: “Terry was an outstanding businessman, but more importantly, he was a wonderful person. He cared deeply about the people he worked with and the teams he led, and his legacy can be seen everywhere we look.
“I have been reflecting on Terry’s life and the friendship we shared in the few quiet moments we’ve had since this news first reached us. I have known him since college, and it has been a privilege working with him here for more than 25 years.”
Dolan was also remembered for his philanthropy. At St Thomas, for example, he established the Dolan Family Endowed Scholarship fund in 2012 to support undergraduate students with academic merit in support of financial need.
He also served on the boards of a number of charities and cultural organizations such as the Minnesota Opera.
