CAPE GIRARDEAU, Mo., April 10, 2013 – The Southeast Missouri State University Board of Regents today awarded a contract for the University and branch banking services to U.S. Bank beginning July 1, 2013, through June 30, 2017.
Kathy Mangels, vice president for finance and administration, said state statutes require daily banking services be bid every four years. The University and branch banking services were last bid in 2009. At that time, the contract was awarded to Commerce Bank for the period of July 1, 2009, through June 30, 2013.
On Jan. 18, the University issued a request for proposal for University and branch banking services. Mangels said proposals were received from Commerce Bank and U.S. Bank. 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, repurchase interest revenue, experience, reliability and services provided.
Mangels indicated both bidders are well-established financial institutions that have provided excellent banking services to the University in the past. Based on cost and subjective evaluation, it was determined U.S. Bank provided the best and lowest proposal, she said.