Longtime Springfield financial executive Steven Fox has been named market president for U.S. Bank in south central Missouri.
Fox, who previously served as CEO and general manager for private equity firm Quest Capital Alliance LLC, took the position Nov. 1. He succeeds John Wilson, who
vacated the position abrubtly in late August.
"What really attracted me about U.S. Bank is that they operate under a community bank model," Fox said. "We literally function as a community bank here in Springfield, but at the same time, you've got the financial strength and resources of the sixth largest bank in the country."
The holding company for U.S. Bank, Minneapolis-based U.S. Bancorp, reported third-quarter net income of $1.27 billion, a company record. As of Sept. 30, its total assets were $330.1 billion.
In the five-county Springfield metropolitan statistical area, U.S. Bank recently ranked No. 8 in deposit market share. As of June 30, U.S. Bank held 3.57 percent of the market share with $265.7 million in deposits across 13 branches in the MSA. The Federal Deposit Insurance Corp. released the updated market share rankings Oct. 4.
At Quest Capital Alliance, Fox was responsible for raising private equity and debt funds. Fox said the firm's capital is fully invested, and it should cease operations within a year. Fox will aid Quest Capital during the transition, but he said the majority of his time will be spent at U.S. Bank.
As market president, Fox is responsible for coordinating lending, deposit, treasury and wealth management services for companies and clients in the Springfield and Branson areas. He works out of U.S. Bank's regional headquarters at 417 St. Louis St.
Fox, who has more than 30 years of financial experience, was a commercial lending executive with Bank of America in Springfield prior to forming Quest Capital in 2000. Fox was chief credit officer at Boatmen’s Bancshares before it was acquired by Bank of America, at which point Fox became market executive for community banking in southwest Missouri.
A Monett native, Fox also has served as a board member for the Springfield Area Chamber of Commerce and United Way, and as chairman of the Springfield Business and Development Corp., the Foundation for Springfield Public Schools and the Springfield Landmarks Preservation Trust. He earned his bachelor's degree in business and his Master of Business Administration from University of Missouri-Columbia, according to a news release from U.S. Bank.
As of 11:41 a.m., U.S. Bancorp (NYSE: USB) stock was trading at $25.34, compared to its 52-week range of $20.10 to $28.94.[[In-content Ad]]
