Central Bank becomes official bank of Univ. of Kan.

Central Bank of the Midwest in Jefferson City, Mo., has paid $3.9 million to become the official bank of the University of Kansas. 

The university said in a press release that the seven-year agreement will become effective on Aug. 1. As part of the deal, the $20 billion-asset Central Bank will open a branch in the Kansas Union and create a product and messaging platform with the university that includes the launch of “Jayhawk Checking.”

Central Bank, a unit of Central Bancompany, will also provide treasury services – including transaction, investment and information services – to the university’s financial officers.

The money paid will help Kansas support student scholarships, internships, emergency aid, campus events, financial literacy programming and employee services, among other things. 

Central Bank “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,” David Hayob, director of Jayhawk Community Partners, said in the release. 

“We share in [the university’s] commitment to develop strong and sustainable communities, so when this partnership opportunity presented itself, we knew it aligned with our strategic vision,” Bill Ferguson, Central Bank’s president and CEO, said in the release.

“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 [University of Kansas] experience,” Ferguson added.