The University of Nebraska–Lincoln has renewed its agreement with Union Bank & Trust, continuing on-campus financial services for students, faculty, staff and visitors.
The updated university banking services license agreement took effect May 31. The agreement followed a competitive bid process and includes an initial six-year term with two optional three-year renewal periods.
Union Bank & Trust has served as the university's on-campus banking partner since 2015. Under the new agreement, the bank will continue operating a full-service branch within the Nebraska Union and maintain multiple ATM locations across City and East campuses.
The agreement is expected to generate significant recurring revenue for the university while also providing dedicated support for student scholarships, campus programming, student organizations, and university services. In addition to these direct benefits, the partnership creates opportunities for additional revenue through on-campus banking operations.
Overall, the agreement represents a substantial long-term investment of approximately $11.7 million in the university and its students over the life of the contract.
As part of ongoing Nebraska Union renovations, the Union Bank & Trust branch will relocate within the building to a newly constructed space just north of its current location, along the windows facing the fountain. The branch will remain visible and easily accessible on the main floor while allowing for improved bank operations, additional seating and better traffic flow in the renovated dining area.
"The current location was originally built as an art gallery and then repurposed and renovated for the bank close to 10 years ago," said Josh Overocker, associate vice chancellor. "As a result of this year’s renovation, UBT will have a branch built specifically for the needs of their bank, customers and visitors."
The branch is expected to temporarily close for approximately three weeks later this summer before reopening in the new space ahead of the start of the fall semester. According to Overocker, the relocation is intended to more intentionally connect the bank and community spaces within the renovated Nebraska Union.
For Union Bank & Trust, the renewed agreement reflects continued investment in the university community.
"Continuing our partnership with the University of Nebraska–Lincoln reinforces Union Bank & Trust’s long-standing commitment to the communities we serve," said Tom Jara, vice president of business development for Union Bank & Trust. "This relationship allows us to remain closely connected to the university environment, supporting students, faculty and staff with accessible, community-focused financial solutions."
Jara said the on-campus branch serves as a convenient and trusted financial resource for the university community, offering banking services, financial education and personalized support.
"Beyond offering tailored banking products, our on-campus branch is designed to meet people where they are — from opening their first account and managing day-to-day finances to planning for long-term goals," Jara said.
Union Bank & Trust offers checking and savings account options designed specifically for UNL students, along with budgeting resources, financial literacy programming, internship and employment opportunities, and support for student organizations.
"Our goal is not only to provide banking services but also to empower students with the knowledge and confidence to make informed financial decisions during college and beyond," Jara said.
Looking ahead, Jara said he is excited to build on the partnership’s strong foundation and continue supporting student success.
"This renewed partnership allows us to build on a strong foundation while exploring new opportunities to invest in student success, strengthen community ties and make a meaningful, lasting impact at UNL," he said.
As a result of the new agreement, students, faculty, staff and visitors will continue to have access to on-campus banking services while benefiting from expanded financial support for scholarships, student organizations and campus programming.
