UPDATE: This story includes information from an email that U.S. Bancorp CEO Andy Cecere sent to the company's employees on Monday, as well as quotes from an administrator at a Minnesota college where Dolan had served on the board of trustees.
Terry Dolan,
Dolan, 63, owned the small plane that flew into a home in Brooklyn Park, a suburb 11 miles northwest of Minneapolis. The bank executive was the only passenger aboard when it went down onto the roof of a house, setting the structure on fire. Nobody else was injured in the accident,
Cecere, who said he's known Dolan since college and worked with him for more than 25 years, said the company will miss "his laughter, leadership and goodwill."
"Terry was an outstanding businessman, but more importantly, he was a wonderful person," Cecere said in the email. "He cared deeply about the people he worked with and the teams he led, and his legacy can be seen everywhere we look."
The plane crashed in Brooklyn Park around 12:20 p.m. Saturday after departing from Des Moines International Airport in Iowa, the Federal Aviation Administration said. It had been heading toward Anoka County-Blaine Airport in Minneapolis.
The FAA and the National Transportation Safety Board are investigating the accident.
NBC News reported that there was one person in the house at the time of the crash, and that the person was able to escape safely.
Dolan was one of two vice chairs at
Scott Siefers, an analyst at Piper Sandler, said in a Monday note that he saw Dolan's "believed loss as a shocking emotional blow to the company." He added the bank will miss Dolan's guidance and insight.
"Mr. Dolan was well-known and liked, and highly-regarded, within the investment community," Siefers wrote. "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."
Cecere said in the Monday email that Dolan, born and raised in Minnesota, was focused on driving growth, and he advocated for community development and investments in affordable housing, economic development and renewable energy.
"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," Cecere said. "Our loss is profound."
As chief administration officer, Dolan oversaw corporate strategy, marketing, analytics, corporate social responsibility, digital capabilities and growth, public affairs and communications, and transformation, according to his biography on
Dolan became chief administration officer in 2023, succeeding
John Stern, who had been president of the bank's global corporate trust and custody business, was promoted to CFO at the time.
Kedia, who succeeded Dolan as head of wealth management when he became
Dolan, who joined the Minneapolis-based company in 1998, was one of 18 members of its executive management team. He previously served as vice chair of wealth management and investment services from 2010 to 2016. Earlier, he worked for Bank One in Columbus, Ohio.
The bank now offers personal loans up to $50,000 to State Farm customers, the latest step in its effort to broaden its customer base by teaming up with other companies.
In addition to his work at
He had also been serving as board chair of the Killebrew Thompson Memorial, which raises money for leukemia and cancer research.
Dolan had also served on the board of trustees for the College of Saint Benedict in St. Joseph, Minnesota, for 11 years, until 2023. Heather Pieper-Olson, vice president of institutional advancement at the school, told American Banker that Dolan's board experience and financial acumen helped the college to articulate the importance of higher education. She said Dolan was also pivotal in decisions that helped put the school in "a very different financial position" and allowed it "to better weather many of the disruptions that higher education is facing."
Pieper-Olson added that in her conversations over the last couple of days, other trustees, senior administrators and presidents have described Dolan as a thoughtful partner, leader and mentor.
"He was somebody who could command a room if he wanted to, and everyone would have listened," she said. "But instead, he would listen, he would take in information, and often, when he did speak up, it was to amplify the voices of others."
The National Transportation Safety Board said in an email that it is investigating the crash, and that a probable cause will be included in its final report, which could take one to two years to complete. A preliminary report will be available within 30 days.
"The preliminary information we have is the plane impacted a residence and experienced a post-crash fire," the NTSB said.
The agency said its investigations involve three main areas: the pilot, the aircraft and the operating environment.
