From the LGIP Administrator
From the Office of the State Treasurer
The Office of the State Treasurer (OST) engaged in an extensive, open and competitive process to select an institution that provides banking services for the State’s Treasury and Local Government Investment Pool accounts. U.S. Bank was selected from among four bidders that included Key Bank, Wells Fargo and Bank of America (the state’s current banking services contractor). The highly competitive bids resulted in a new banking services contract that is expected to not only save money but also add important new features and services.
The state banking services contractor handles the receipt and disbursement of public funds – a critical function that assures public money is kept safe and secure at all times. State Treasurer Jim McIntire said: “I am confident U.S. Bank will not only properly meet the banking needs of the state but will also provide a variety of products and services that enhance the state’s daily banking and business operations. As our financial needs change going forward, we trust that U.S. Bank will provide leadership in the development and implementation of new technologies. I appreciate the bank’s willingness to serve the state and applaud the efforts of my staff who led this successful and thorough selection process. U.S. Bank will begin providing banking services on July 1, 2014. Bank of America will continue to provide banking services until then and will work with OST staff to assure that service is transitioned to U.S. Bank in an orderly manner. We’d like to thank Bank of America for its many years of effectively managing public funds for the people of Washington State.”
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