Commerce Bank will replace U.S. Bank, which was awarded the contract July 1, 2013. That contract ends June 30, 2017.
The new contract with Commerce Bank covers daily banking, treasury management and depository services, and credit card processing, and is independent of the University’s contract for on-campus branch banking services. The contract approved by the Board today does not impact the University’s contract with U.S. Bank for branch banking services located in the Southeast Bookstore.
Kathy Mangels, vice president for finance and administration, said state statutes require daily banking services be bid every four years. On Dec.1, 2016, the University issued a request for proposal for University banking services. Mangels said proposals were received from Commerce Bank, Montgomery Bank and U.S. Bank.
A formal evaluation of the bids received from the three banks was completed. The evaluation was based on several factors, including the cost of routine banking services, the MasterCard/VISA discount rate charge, interest revenue on daily balances, experience, reliability and services provided.
Mangels indicated all three banks are well established, submitted current financial information and have branch banks located in the Cape Girardeau city limits. All were comparable in experience and reliability and proposed methods of performance. Based on cost and evaluation, it was determined Commerce Bank provided the best proposal, she said.