The University of Nebraska Board of Regents has unanimously approved an agreement between UNL and Union Bank & Trust Co.
The new agreement provides UNL $9.53 million over 11 years. It also provides Union Bank branch bank space in the Nebraska Union, eight ATMs across campus, license to use the UNL logo, the opportunity to support UNL student organizations and programming, and special account offerings for students, faculty and staff. The agreement begins in March.
"The opportunity to partner with the University of Nebraska-Lincoln by providing on-campus financial services to students, faculty and staff is exciting," said Angie Muhleisen, CEO for Union Bank. "This is more than simply renting space at the Nebraska Union. We are committed to educating students about personal finance and serving the entire UNL community with creativity, technology and exceptional customer service."
Union Bank was chosen through a competitive bid process. Earlier this year, the university issued a request for proposals to all financial institutions with a presence in Lincoln and Lancaster County. Union Bank was selected after an evaluation committee examined the breadth and creativity of various proposals, plus vendor qualifications, marketing initiatives, account pricing and financial support.
Union Bank also will commit $350,000 to renovate the new branch location in the Nebraska Union and $680,000 on marketing over the 11-year period.
Union Bank's plans include providing an online financial literacy program, plus a team of bank employees offering in-person financial education, and a Bank Professional Resource Bureau available to faculty and campus organizations. The bank offers unique, industry-leading "MyStyle Banking" products for students and a special banking package for faculty, administrators and staff. The branch in the Nebraska Union will feature an open, casual, interactive design and unique service technology.
UNL's agreement with its current banking partner, Wells Fargo Bank, concludes at the end of February. Current Wells Fargo account holders will not be required to change banks, said Kim Phelps, associate vice chancellor for business and finance.
NCards will continue to function on campus as an identification card, for access to certain parts of campus and for deferred payment of purchases at on-campus vendors such as Subway, the University Bookstore, Runza and so on. Neither the new NCards issued to new faculty, staff and students, nor the replacement cards for existing cardholders will function as an ATM/debit card.
Union Bank & Trust Co. is a privately owned Nebraska bank that has 36 full service and loan production offices in Nebraska and Kansas.