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He came to the Twin Cities in 1990 and built U.S. Bancorp through a series of acquisitions. John “Jack” Grundhofer, one of Minnesota’s prominent banking leaders in the 1990s, died Jan. 24 in California. He was 82. A Los Angeles native, Grundhofer came to the Twin Cities in 1990 to lead First Bank System as its chairman, president and CEO. When he was recruited from Wells Fargo to join First Bank System, he knew he was being brought in to engineer a rescue effort. The bank had financial problems, which Grundhofer partly addressed through aggressive cost-cutting. Grundhofer also made headlines in 1990 for being kidnapped at gunpoint from a downtown Minneapolis parking garage. He showed up for work on the morning of Nov. 19, and as he exited his car a gunman ordered him back into his vehicle.

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