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U.S. Bancorp's annual meeting in San Diego contained a bit of controversy when a proposal to eliminate the staggered threeyear terms of its directors was approved by a clear majority of shareholders, against the wishes of its current board.
The proposal, approved by a 69 percent to 31 percent vote, isn't official, but does not require the board to adopt the change to one-year terms, only that it take the proposal under consideration, said U.S. Bancorp spokesman Steve Dale.
Minneapolis-based U.S. Bancorp has a strong presence in San Diego County - 39 branches and 526 employees. The institution occasionally ventures beyond its Midwest roots and holds its shareholders meetings outside its headquarters.
This was the first time the annual meeting took place in San Diego. It was held April 18 at the San Diego Marriott Gaslamp Quarter.
The bank also has a history of acquisitions locally. Starting in the late 1990s, the bank acquired three local community banks: the Bank of Commerce, Scripps Bank and Peninsula Bank of San Diego.
The change of directors' terms was proposed by longtime shareholder Gerald Armstrong, who owns nearly 10,000 shares. Dale said Armstrong has attended many annual meetings and...