By Tatiana Bautzer and Nupur Anand
NEW YORK (Reuters) – U.S. Bancorp is starting a new business banking group to serve medical, dental and veterinary practices, the company said on Thursday.The Minneapolis-based lender is creating 50 new positions nationwide to cater to healthcare offices with as much as $25 million in annual revenue.
It also hired Joe Persichetti from Huntington National Bank to lead the initiative to offer banking, payments, and wealth services to healthcare practices.
U.S. Bancorp had previously served larger healthcare providers through its corporate and commercial banking arms, which it expects to get a boost from the new group.
The bank was recently put under review for potential downgrade by rating agency Moody’s citing its rising cost of deposits and increased use of wholesale funding, among other reasons.
The company was engaging with the rating agency to discuss its strong risk culture, earnings from diverse businesses and lending practices in different rate environments, Chief Financial Officer John Stern told investors at a conference on Wednesday.
(Reporting by Tatiana Bautzer and Nupur Anand in New York; Editing by Lananh Nguyen)
