Tuesday, July 27, 2010

Elavon Appoints Mike Passilla President and CEO

By Holly Lytle

ATLANTA - July 27, 2010 – Elavon, a wholly owned subsidiary of U.S. Bancorp (NYSE: USB) and a leading global payments provider, has promoted Mike Passilla to the position of president and chief executive officer, effective August 16, 2010. Passilla will be responsible for continuing to extend Elavon's global reach through its strong partnership model, and remain committed to solid organic growth in existing markets. Passilla replaces Stuart C. Harvey, Jr., who will be leaving the organization.

"Mike epitomizes the entrepreneurial spirit and drive that has propelled Elavon to its position of being a trusted global leader in the payment processing industry," said Pamela Joseph, vice chairman, U.S. Bancorp. "I am confident that he will do a great job building upon Elavon's current momentum."

"Elavon is the recipient of the financial industry's current flight to quality," said Passilla. "The market for payments is constantly evolving, and Elavon has the strategic relationships, technology infrastructure, and financial resources necessary to remain the best global commerce company in the industry."

Passilla was most recently executive vice president at Elavon, responsible for leading global business development. He has more than 20 years of sales, marketing and operational experience in building successful organizations and optimizing go-to-market strategies. Prior to Elavon, he served as president of North America for Inforte Corporation, a strategic managed services company. He is a graduate of the University of Notre Dame and earned an MBA from The J.L. Kellogg Graduate School of Management at Northwestern University.

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About Elavon: Elavon's Global Acquiring Solutions organization is a part of U.S. Bancorp. Elavon provides end-to-end payment processing services to more than one million merchants in the United States, Europe, Mexico, Canada and Puerto Rico. Solutions include credit and debit card processing, electronic check services, gift cards, multi-currency support, and cross-border acquiring. Elavon's solutions meet the needs of merchants in specialized markets including small business, retail, hospitality/T&E, health care, education and the public sector and are marketed through multiple alliance partner channels including financial institutions, trade associations and ISOs. For more information about Elavon visit www.elavon.com.

About U.S. Bancorp: U.S. Bancorp (NYSE: USB), with $283 billion in assets as of June 30, 2010, is the parent company of U.S. Bank, the fifth largest commercial bank in the United States. The company operates 3,002 banking offices in 24 states and 5,309 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.

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