Minneapolis-based U.S. Bank NA, the second-busiest municipal bond trustee last year, announced Thursday that Bryan Calder has been named the bank’s new president of corporate trust services.
Calder was previously national manager of the structured finance group in corporate trust at U.S. Bank, the company said. He is one of two executives who will take up the duties that Diane Thormodsgard left when she took a job as vice chairman and head of wealth management at U.S. Bancorp, U.S. Bank’s parent company.
Calder said that he would remain open to growing U.S. Bank’s corporate trust business through acquisition. During the last few years, the company has bought up corporate trust departments from LaSalle Bank NA, State Street Bank & Trust Co., SunTrust Bank Inc., and Wachovia Corp.
Last year, only Bank of New York did more municipal bond trustee work than U.S. Bank, according to Thomson Financial. This trend held through the first quarter of 2007, as U.S. Bank remained the second-ranked trustee with 248 deals totaling $12 billion.
