Naughton banking on future industry changes

Filed under: One on One |

* Name: Thomas J. Naughton

* Organization: U.S. Bank

* Position: Regional president

* Hometown: Des Moines, Iowa

* How long have you lived in Colorado Springs: Since October 1984

* Education: Bachelor of Science and Bachelor of Arts from the University of Denver in finance; Graduate School of Banking at Colorado, Boulder

* A few words about your company: U.S. Bancorp, with assets of $189 billion, is the eighth largest financial services holding company in the United States. The company operates more than 2,200 banking offices in 24 states, from Ohio to the West Coast.

* Recent accomplishments: I successfully implemented a “community model” of operation for U.S. Bank in the market. We emphasize local management, local decisions and local involvement.

I serve as the chairman of the Greater Colorado Springs of Commerce (2004), chairman of the 2004-05 Pikes Peak United Way Campaign and the March of Dimes WalkAmerica event.

* Biggest career break: I left the banking industry in 1997 for a stint in the business brokerage industry, and was asked to rejoin the bank in a senior management role when my former boss retired.

* The toughest part of your job: Finding enough time in the day and staying focused despite the many commitments and distractions.

* Someone you admire: My father, who passed away four-and-a-half years ago. He was a role model. He was an inventor, an entrepreneur and a self-made man who was a success not only in the business but also in his personal life.

* About your family: My wife, Ann, serves on the School District 12 board of education, and I have four children. Michael, 21, is a senior at the University of Notre Dame. Sarah, 19, is a freshman at the University of Kansas. Robert, 15, is a sophomore at Cheyenne Mountain High School. Katherine, 13, is a seventh-grader at Cheyenne Mountain Junior High.

* Something else you’d like to accomplish: After my banking career, I’d like to become involved with a nonprofit organization.

* How your business will change in the next decade: The financial services industry has experiences tremendous change in my 25 years. I believe we may see another round of consolidation, especially given the currency available with healthier bank stock prices. Investment in technology and developing key strategic niches will be the keys to success. I don’t know if we will be a checkless society in a decade, but we are moving there with payment systems, online banking and bill pay. Customers are demanding 24/7 service with as much convenience as possible, and it will be up to the industry to provide this while growing shareholder revenue.

* What book are you currently reading: Most of my reading is business related. However, my Colorado Springs Leadership Class is reading The Tipping Point by Malcolm Gladwell.

* What is one thing you would change about Colorado Springs: If I had a wish for the community, it would be that more informed people would be willing to serve on boards, commissions, etc., to ensure that the “we” is represented. There are great challenges ahead in transportation, water availability, affordable housing, education and healthcare. We need people to commit the time and energy to work on these issues.