U.S. Bank Hires Wells Fargo Exec Rex Rudy to Run CRE Division
Wells Fargo veteran Rex Rudy has joined U.S. Bank to lead its commercial real estate division out of Charlotte, N.C., according to an announcement from the national commercial bank. He succeeds Joe Hoesley, who retired in March.
Mr. Rudy has more than 20 years of experience in the industry. He took over as managing director and group head of REIT finance at Wells Fargo in November 2011 after serving as managing director of real estate syndicated finance at Wells Fargo Securities.
“Rex is an experienced commercial real estate banker with strong leadership skills and a proven record of driving growth. We’re pleased for him to join U.S. Bank,” Richard Payne, vice chairman and head of the bank’s wholesale banking division, said in a prepared statement. “We also congratulate Joe on his retirement and thank him for his 22-year career at U.S. Bank during which time he built our CRE division into a strong, national franchise.”
In his new role, Mr. Rudy will oversee 350 employees in the bank’s 24 commercial real estate offices around the country.
U.S. Bank’s commercial real estate division focuses on building long-term relationships with developers, REITs and other commercial property owners throughout the U.S., according to the announcement.
Mr. Rudy will remain in Charlotte, where U.S. Bank now employs 350 people—nearly double the number of employees based there in 2008. That expansion is due, in large part, to growth in the bank’s wholesale banking, corporate trust and compliance divisions.
U.S. Bank is the fifth largest commercial bank in the country with $410 billion in assets as of March 31, 2015.
“I am honored to join the U.S. Bank team with its world-class franchise and industry-leading reputation and performance. U.S. Bank has a long history in commercial real estate supported by a disciplined approach and focus on supporting our clients,” said Mr. Rudy, who holds a bachelor’s degree and M.B.A. from Ohio State University.