April 27, 2009 (FinancialWire) — Michael J. Gerend will step down as president and chief operating officer of Life Time Fitness, Inc. (NYSE: LTM), effective May 1, subject to the finalization of a separation agreement.

Gerend joined Life Time Fitness in March 2003 after having served as president and chief executive officer of Champion Air. Prior to that, he held various management positions at Northwest Airlines (NYSE: NWA).

According to Time Life Fitness CEO Bahram Akradi, the company’s current executive team will assume the responsibilities Gerend formerly held.

Chanhassen, Minnesota-based Life Time Fitness operates multi-use sports and athletic, professional fitness, family recreation and resort and spa centers. As of April 24, Life Time Fitness operated 83 centers in 18 states.

U.S. Bank Acquires Deposits of First Bank of Idaho

U.S. Bancorp (NYSE: USB) U.S. Bank National Association unit has acquired the deposits of First Bank of Idaho, FSB, from the Federal Deposit Insurance Corp.

Under the terms of the transaction, U.S. Bank will receive around $225 million of First Bank of Idaho deposits, and it will also receive certain related assets.

U.S. Bank said it will not acquire any brokered deposits of the bank or assets or liabilities of the First Bank of Idaho’s parent holding company, Sun Valley Bancorp.

The deal includes seven branch locations in central Idaho and the Teton region, including branches that operate under the name of First Bank of the Tetons. According to U.S. Bank, the acquired branches will be re-branded as U.S. Bank branches “in the near future.”

Prior to this acquisition, U.S. Bank had 90 branch offices in Idaho, and 14 in Wyoming.

Minneapolis-based U.S. Bancorp operates 2,847 banking offices and 5,183 ATMs in 24 states, and provides a line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions.

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