Dive Brief:

• Terry Dolan, U.S. Bank’s chief administration officer and a vice chair, died Saturday while piloting a plane that crashed into a home in a Minneapolis suburb.
• In a Securities and Exchange Commission filing Monday, the bank said it’s aware that a plane that crashed in Brooklyn Park, Minnesota, on Saturday was registered to a private company affiliated with Dolan, 63. “At this time, the medical examiner’s office has not confirmed whether Mr. Dolan was on board, but we believe he was,” the bank said. 
• On Monday, U.S. Bank CEO Andy Cecere confirmed the news of Dolan’s death in an email to employees. “Our loss is profound. Terry was an outstanding businessman, but more importantly, he was a wonderful person,” Cecere wrote. “He cared deeply about the people he worked with and the teams he led, and his legacy can be seen everywhere we look.”

Dive Insight:

Dolan, one of two vice chairs at the bank, had been chief administration officer since 2023, succeeding Kate Quinn. 

Part of U.S. Bank’s managing committee, Dolan oversaw corporate strategy, marketing, analytics, corporate social responsibility, digital capabilities and growth, public affairs and communications and transformation at the super-regional bank, according to the lender’s website.  

Cecere had known Dolan, who was born and raised in Minnesota, since college. “It has been a privilege working with him here for more than 25 years,” Cecere wrote in the email to employees. “He was as well known for his sense of humor and friendly approach as he was for his dedication to serving customers and delivering strong financial results.”

Dolan joined the bank in 1998; prior to that, he worked for Bank One in Columbus, Ohio, according to his biography on the Killebrew Thompson Memorial website. Dolan was chair of that event’s board. 

Before becoming CAO in 2023, Dolan served as U.S. Bank’s CFO for almost seven years. He had also been the bank’s vice chair of wealth management and investment services, and executive vice president and controller. 

“Our thoughts are with Mr. Dolan’s family and friends and all others affected by Saturday’s tragic incident,” the bank said in the filing. “We thank all the first responders who have provided service.”

The bank, in a statement shared with Banking Dive, also expressed gratitude “that there were not any injuries to residents of the home that was impacted by the crash.”

The single-engine plane, traveling from Des Moines, Iowa, to the Minneapolis area struck the roof of a Brooklyn Park home midday Saturday, setting the home on fire and destroying the structure, the Minnesota Star Tribune reported. 

One of the home’s residents was inside at the time and escaped unharmed. Video of the home after the crash occurred, published by The Associated Press, shows a massive blaze and thick, billowing smoke coming from the home. 

The aircraft was registered to DGW Enterprises of Edina, Minnesota; Dolan is listed as DGW Enterprises’ manager, the newspaper reported.

“Terry has been an avid pilot for decades, and we are aware he was flying home from Naples, Fla., when the accident occurred,” U.S. Bank CEO Andy Cecere wrote in an email to employees, the Star Tribune reported. “We have been in touch with Terry’s family, and our first thoughts are with them as they wait for additional information.”

The medical examiner’s office will release the pilot’s identity after its investigation, the Star Tribune reported. The National Transportation Safety Board is investigating the crash.

Cecere told employees the bank’s managing committee will support staff as needed, and the company’s employee assistance program is available for those coping with the situation. 

Piper Sandler analyst Scott Siefers said in a Monday note that Dolan “was well-known and liked, and highly-regarded, within the investment community. We and many others had known him for several years, first as the company’s CFO starting in 2016, all the way through his most recent position.”

Siefers said Dolan’s loss is “a shocking emotional blow to the company,” and the bank “will certainly miss his guidance and insight at this time.”

Editor's note: This story has been updated with comments from U.S. Bank confirming Terry Dolan died Saturday in a plane crash.