U.S. Bank exec believed to have been killed in plane crash

Terry Dolan, U.S. Bancorp’s vice chair and chief administration officer, was likely killed in a plane crash Saturday afternoon near Minneapolis, the company said in a statement Sunday.

The plane that crashed in Brooklyn Park was registered to Dolan, according to the statement. Multiple media outlets have reported that Dolan, 63, was the pilot of the single-engine airplane that crashed onto the roof of a home, setting the structure on fire.

The medical examiner’s office has not yet confirmed whether Dolan was on board, but the company said it believes that he was. “Our thoughts and prayers are with him, his family and friends and anyone who may have been affected by yesterday’s tragic incident,” the bank said.

The plane crashed in a neighborhood in Brooklyn Park around 12:20 pm, the Federal Aviation Administration said. Brooklyn Park is a suburb located about 11 miles northwest of Minneapolis.

The plane had departed from Des Moines International Airport in Iola and was heading toward Anoka County-Blaine Airpoint in Minneapolis, the FAA said.

The FAA and the National Transportation Safety Board are investigating the accident. Officials on Sunday said they believe there was only one person on board.

Dolan was one of two vice chairs at U.S. Bancorp, the fifth-largest bank in the country based on assets, and had served as chief administration officer since 2023. He took on the expanded role after serving as the $678-billion asset company’s chief financial officer for the prior seven years.

His new role was part of broader leadership changes at the company. He succeeded Kate Quinn as chief administration officer when she retired in June 2023. Meanwhile, John Stern, who had been president of the bank’s global corporate trust and custody business, was promoted to CFO and Gunjan Kedia, who was leading wealth management and investment services, added corporate and commercial banking to her list of responsibilities.

Kedia, who succeeded Dolan as head of wealth management when he became U.S. Bancorp’s CFO, was promoted last year to company president. Kedia is scheduled to succeed Andy Cecere as CEO on April 15 following the company’s annual shareholders meeting, at which time Cecere is scheduled to shift into the role of executive chairman of the board.

As chief administration officer, Dolan oversaw corporate strategy, marketing, analytics, corporate social responsibility, digital capabilities and growth, public affairs and communications, and transformation, according to his biography on U.S. Bancorp’s website. He previously served as vice chair of wealth management and investment services from 2010 to 2016.

Dolan, who joined the Minneapolis-based company in 1998, was one of 18 members of the executive management team. He previously worked for Bank One in Columbus, Ohio.

In addition to his work at U.S. Bancorp, Dolan served on several boards of directors including Catholic Charities, the Minnesota Opera, Artspace, the Minneapolis Foundation, the College of Saint Benedict and Saint John’s University, his company biography said.

He was currently serving as board chair of the Killegrew Thompson Memorial, which raises money for leukemia and cancer research.

A spokesperson for U.S. Bancorp said it is unclear when the medical examiner’s office will have more information about the plane’s passengers. According to the Minneapolis/St. Paul Business Journal, a preliminary report could be available in the next 10 days.