A prominent banking figure met a tragic end in a devastating aircraft accident that has sent shockwaves through the financial industry.
According to Daily Mail, Terry Dolan, the 63-year-old Vice Chair and Chief Administration Officer of US Bancorp, died when his single-engine aircraft crashed into a residential area in Brooklyn Park, Minnesota, on Saturday afternoon.
The incident occurred around 12:30 pm when Dolan's Socata TBM 700 aircraft plummeted from the sky, crashing into a house and erupting into flames. First responders quickly evacuated the area as thick black smoke billowed into the air. Fortunately, no one was inside the residence at the time of the crash.
Distinguished career in banking and philanthropy
Dolan had been an integral part of US Bancorp since 1998, assuming the role of vice chair and chief administration officer in 2023. His responsibilities encompassed oversight of corporate strategy, marketing, analytics, corporate social responsibility, digital capabilities and growth, public affairs and communications, and transformation.
Prior to his final position, Dolan served in various leadership roles within the organization, including vice chair, chief financial officer, and executive vice president and controller. His tenure was marked by significant contributions to the bank's growth and digital transformation initiatives.
Beyond his corporate responsibilities, Dolan was deeply involved in charitable work. He served on multiple boards, including the Killebrew Thompson Memorial, and worked with organizations such as Catholic Charities, the Minnesota Opera, Artspace, The Minneapolis Foundation, and the College of Saint Benedict and Saint John's University.
Investigation into crash circumstances
The National Transportation Safety Board has initiated an investigation into the incident. The aircraft had departed from Des Moines International Airport and was en route to Anoka County-Blaine Airport north of Minneapolis when the crash occurred.
U.S. Bank acknowledged the tragedy in a statement released on Sunday, expressing their thoughts and prayers for Dolan, his family, and anyone affected by the incident. The company also expressed gratitude that no residents were injured in the crash.
Investigators are examining various factors that may have contributed to the accident, including weather conditions, pilot experience, and the aircraft's mechanical condition. The Socata TBM 700 is known as a single-engine business aircraft with a generally reliable safety record.
Recent aviation incidents raise safety concerns
This crash follows several other notable aviation incidents in recent months. The most severe occurred near Reagan National Airport in Washington DC, where an American Airlines flight collided with a Blackhawk helicopter, resulting in 67 fatalities.
In another incident at the same airport, a US Air Force T-38 jet nearly collided with a Delta passenger plane carrying 137 people. The close call occurred during a military flyover at Arlington National Cemetery.
Earlier this month, five people were hospitalized after a plane crash-landed in a Pennsylvania retirement home parking lot following issues with an opened door during flight.
Legacy of leadership and service
Terry Dolan's sudden passing marks the end of a distinguished career in banking and philanthropy. The veteran banker's death has left a significant void in US Bancorp's leadership team and the broader financial community.
The crash investigation continues as authorities work to determine the exact cause of the accident that claimed Dolan's life. The incident has highlighted ongoing concerns about aviation safety, particularly in residential areas near smaller airports.
