Approximately 600 Chicago Public Schools Consolidate Accounts from 70 Different Banks to U.S. Bank
CHICAGO--(BUSINESS WIRE)--Feb. 21, 2008--Chicago Public Schools
(CPS), one of the largest school districts in the United States,
announced that it has completed consolidation of banking services for
its 600 plus schools previously provided by more than 70 separate
financial institutions to U.S. Bank, a nationwide leader in banking
services.
Chicago Public Schools are utilizing a customized account
structure called SinglePoint, U.S. Bank's state-of-the-art,
Internet-based treasury management system, giving them maximum
interest earnings on their accounts while minimizing the time school
administrators spent on financial management tasks.
Daniel H. Reisner, president of U.S. Bank's Chicago region, said,
"U.S. Bank is proud to partner with Chicago Public Schools for greater
efficiency and ease of use in their everyday banking requirements. By
eliminating extra steps in their banking process, dedicated school
officials will be able to spend more time on the job they care about
the most, educating Chicago's children."
CPS initially began moving banking accounts from various financial
institutions in the City of Chicago in mid-November 2006 onto U.S.
Bank's SinglePoint platform and will complete its rollout in February
2008. The web-based system gives each of the 600+ schools greater
insight into managing its deposit and expense record keeping while
eliminating paperwork to CPS' central office. According to CPS
Treasurer, David Bryant, the program will provide a time-saving
benefit by more efficiently collecting school deposits while helping
CPS gain a better interest rate on available funds.
Reisner said, "Every day we stand by our guarantee to help
individuals, institutions and companies, both large and small, to make
the most of their money, while providing a strong customer service
focus and technological innovation. We are committed to Chicago's
schools."
The CPS Program was developed by U.S. Bank's Government Banking
Division, which brings more than a century of experience providing
specialized financial services to over 6,000 public funds clients
across the country. U.S. Bank SinglePoint was launched in 2005, after
a pilot with hundreds of U.S. Bank business customers throughout the
country, to integrate the bank's powerful banking services into a
secure, easy-to-use web site. By accessing the bank's complete suite
of treasury management services from a single point, customers are
better able to manage their financial position by monitoring account
activity, retrieving information, creating reports and viewing images.
The site also contains system administration capabilities including
audit and control of employee access, as well as history reporting to
assist in fraud detection.
U.S. Bancorp, with $238 billion in assets, is the parent company
of U.S. Bank, the 6th largest commercial bank in the United States.
The company operates 2,518 banking offices and 4,867 ATMs, and
provides a comprehensive line of banking, brokerage, insurance,
investment, mortgage, trust and payment services products to
consumers, businesses and institutions. Visit U.S. Bancorp on the web
at www.usbank.com.
CONTACT: U.S. Bank Media Relations
Lisa H. Clark, 608-877-7517
SOURCE: U.S. Bank
