Town Bank replaced U.S. Bank over the summer in its partnership with Marquette University, becoming the university’s exclusive banking partner.
The proposal for a new on-campus bank in the Alumni Memorial Union came last November during the university’s search for its next banking partner. U.S. Bank’s contract with Marquette expired March 31, at the end of this fiscal year.
Town Bank’s contract is expected to last 10 years, according to the university.
ATMs across campus will be switched to Town Bank in the coming months, and students carrying bank cards unaffiliated with Town Bank will pay a $3 use fee.
“We decided to partner with Marquette University because it is a high-profile university and we share their values and support Marquette’s mission,” Jay Mack, president and CEO of Town Bank, said.
Mack said Marquette students will receive the opportunity for academic funding with Town Bank’s financial aid.
Town Bank is investing $12 million over 10 years through its parent company Wintrust Financial Corp. to fund scholarships and educational programming. The parent company will also invest in the College of Business Administration’s Commercial Banking Program.
The switch to Town Bank was made because its proposal offered the best strategic opportunities to fit the university’s needs, said Kent Belasco, director of the Commercial Banking Program.
“I would consider them a platinum member of my advisory board amongst other banks,” Belasco said.
The Commercial Banking Program helps prepare students interested in a banking career through hands-on work experience, according to the program’s website. Wintrust contributed half a million dollars toward the program, where students utilize the money to lend to small businesses in the area and practice banking skills.
Milad Hosseini, a junior in the College of Business Administration, started working for Town Bank as a universal banking representative in June.
“I love what Town Bank stands for and everything that they do for the community and for the students,” Hosseini said.
However, some current U.S. Bank card holders said they are upset with the change.
Ellie McNeal, a junior in the College of Arts & Sciences, said the university appears to have no regard for the convenience of its students.
“We were all pushed toward getting U.S. Bank cards because the bank was situated on campus,” McNeal said. “Now students will once again have to make a switch to Town Bank if they want to use the on-campus bank.”
Town Bank is planning branches in the Catholic Financial Life building near Marquette’s campus, as well as near Cathedral Square Park, located at 520 E. Wells St.
