LAWRENCE — The University of Kansas has selected Central Bank of the Midwest as its community banking partner, effective Aug. 1.
Through this new partnership, Central Bank will open a retail branch in the Kansas Union and create a product and messaging platform with KU that includes the launch of “Jayhawk Checking,” which will be made available to the general public. Central Bank will also provide treasury services – including transaction, investment and information services – to KU financial officers.
The agreement is valued at $3.9 million to the university and its affiliates over seven years. This includes support for student scholarships, internships, emergency aid, campus events, financial literacy programming, employee services and other campus initiatives.
The partnership was facilitated by Jayhawk Community Partners, the university affiliate charged with leveraging KU’s brand to develop partnerships that generate new revenue for campus programs and initiatives. Jayhawk Community Partners led an exhaustive RFP process that included representatives from across KU and its affiliate organizations.
“In seeking a financial services provider, the University of Kansas sought a true partner that would add value to our university community,” said David Hayob, director of Jayhawk Community Partners. “Central Bank of the Midwest stepped up as a truly integrated universitywide partner by providing support in financial aid and education to our students, faculty and staff along with a comprehensive messaging and activation program to promote financial wellness and the overall partnership across all of KU.”
Central Bank of the Midwest serves 28 communities in the Greater Kansas City and Lawrence area. The Kansas Union branch location will be the company’s fifth in Lawrence.
“As a community bank, we share in KU’s commitment to develop strong and sustainable communities, so when this partnership opportunity presented itself, we knew it aligned with our strategic vision,” said Bill Ferguson, president and CEO of Central Bank of the Midwest. “By combining resources, we can positively impact not only the Lawrence and Kansas City communities, but all those who benefit from the education, enrichment and legacy of the KU experience.”
The treasury services component of the partnership will be especially beneficial to KU as university financial leaders work to enhance budgeting practices and plan for the future.
“In helping us align not only the university’s treasury services but those of our affiliates, we will see greater efficiency going forward,” said Jeff DeWitt, KU's chief financial officer. “Central Bank of the Midwest’s position as a strong regional leader in financial services gives us the confidence that we will have a strong partner to enact our financial strategies.”
About Central Bank
Central Bank has been serving businesses and customers since 1902 and is built on a strong foundation of people, community service and technology. Operating as Central Bank of the Midwest in the Lawrence and Greater Kansas City area, the bank is a more than $20 billion financial institution with more than 250 locations in more than 90 communities serving consumers and businesses in Missouri, Kansas, Illinois, Oklahoma, Tennessee, North Carolina, Colorado, Iowa and Florida. For more information, visit centralbank.net.