Having more than 20 years of financial service experience, Jaffee succeeds Kenneth Ladd, who retired after serving 30 years to bank in the end of 2012.
US Bancorp vice chairman and wholesale banking head Dick Payne said, "As head of commercial banking, Elliot will play an important role in helping us build on our momentum in the $10 million to $500 million client segment."
Jaffee joined US Bank in 1995 and held a number of positions within the lender corporate bank since then, including the Twin Cities market president in 2006.
In 2010, he was promoted as regional manager and is presently accountable for commercial banking in the Twin Cities, Seattle, Portland, Las Vegas, Phoenix and Salt Lake City.
As of 31 December 2012, US Bancorp (USB), had $354bn in assets and operates as the parent company of US Bank.
The company manages 3,084 banking branches in 25 states and 5,065 ATMs and offers banking, brokerage, insurance, investment, mortgage, and trust and payment services products.
