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Controversy shadows bank's annual meeting in S.D.: U.S. Bancorp struggles with issue of directors in local session.

Publication: San Diego Business Journal
Publication Date: 24-APR-06 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Controversy shadows bank's annual meeting in S.D.: U.S. Bancorp struggles with issue of directors in local session.(Finance)

Article Excerpt
U.S. Bancorp's annual meeting in San Diego contained a bit of controversy when a proposal to eliminate the staggered three-year terms of its directors was approved by a clear majority of shareholders, against the wishes of its current board.

The proposal, approved by a 69 percent to 31 percent vote, isn't official, but does not require the board to adopt the change to one-year terms, only that it take the proposal under consideration, said U.S. Bancorp spokesman Steve Dale.

Minneapolis-based U.S. Bancorp has a strong presence in San Diego County--39 branches and 526 employees. The institution occasionally ventures beyond its Midwest roots and holds its shareholders meetings outside its headquarters.

This was the first time the annual meeting took place...

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