Regents Award Banking Services Contract to Commerce Bank

CAPE GIRARDEAU, Mo.,

April 3, 2009 – The Southeast Missouri State University Board of Regents today awarded a contract for the University and branch banking services to Commerce Bank beginning July 1, 2009, through June 30, 2013.

Kathy Mangels, vice president for finance and administration, said state statutes require that daily banking services be bid every four years. The University and branch banking services were last bid in 2005.  At that time, the contract was awarded to U.S. Bank for the period of July 1, 2005, through June 20, 2009.

The University issued on Dec. 15 a request for proposal for University and branch banking services. Mangels said proposals were received from Commerce Bank and U.S. Bank. She said a formal evaluation of the bids received from the two banks was completed. The evaluation was based on objective and subjective factors, including the cost of routine banking services, the Mastercard/VISA discount rate charged, experience, reliability and services provided, she said.

Based on cost and subjective evaluation, it was determined that Commerce Bank provided the best and lowest proposal, she said.