Agenda Item No. ____________

Washburn University Board of Regents





SUBJECT: Request for Proposal - Banking Services for Washburn University



BACKGROUND:



The current contract for banking services awarded to Firstar Bank (formerly Mercantile Bank) in June 1996 expires September 30, 2000. On May 4, 2000, a Request for Proposal was issued to all fifteen eligible banks in Shawnee County. A pre-proposal conference held on May 15, 2000 was attended by eight of the banks receiving RFPs.



DESCRIPTION:



On June 16, 2000, the University received proposals from five banks: UMB Bank, Columbian Bank, Firstar Bank, Bank of America, and Commerce Bank and Trust. The Request for Proposal issued was written for full banking services, including internet account access and information retrieval, for a general account and a zero balance payroll account, armored courier service, and bank card services.



The proposals were evaluated by an evaluation committee based on: the scope of services offered; evidence of experience, reliability and references; expertise of personnel assigned to the account; project approach; adequacy of financial controls and protection against loss; and understanding the needs and operational requirements of the University. Two banks, Firstar Bank and Commerce Bank and Trust, were selected to make oral presentations to the committee and other University personnel.



In addition to the criteria previously stated, the costs and interest income proposed by the banks were analyzed in detail to ensure comparability for all proposals. The annual net income to the University (excluding armored courier service) is as follows:



Bank Net Income

Columbian Bank $103,948.20

UMB Bank 91,087.32

Firstar Bank 129,534.36

Bank of America 108,134.28

Commerce Bank and Trust 129,606.60





Based on the proposal evaluations and the oral presentations, the evaluation committee recommends an award be made to Commerce Bank and Trust for an initial twelve-month period commencing October 1, 2000. The depository agreement shall contain an automatic annual renewal clause, which may be used for the following three twelve-month periods, thereby providing for forty-eight months of depository and banking services.



FINANCIAL IMPLICATIONS:



Revenues and expenditures are comparable to amounts included in FY01 budget. No additional resources will be required.



RECOMMENDATION:



President Farley recommends the Board of Regents approve awarding the banking services contract to Commerce Bank and Trust effective October 1, 2000.











__________________________________ date Jerry B. Farley, President


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