TD Banknorth Awarded State of Maine Banking Contract
October 13, 2005
(AUGUSTA)- The Office of the State Treasurer has awarded the contract for primary banking services for the State of Maine to TD Banknorth. The contract was awarded based upon criteria outlined in the Treasurer’s Request for Proposal (RFP) for Banking Services which included collections, concentration, control and disbursements. The selected institution must also maintain a substantial presence in Maine.
“This decision reflects the unanimous recommendation of the RFP Review Committee and acknowledges the well-organized, detailed and impressive response by TD Banknorth,” noted Maine State Treasurer David Lemoine. As the clearinghouse for all the state’s cash inflows and outflows, totaling nearly $5.8 billion for the last fiscal year, the Office of the State Treasurer is responsible for the State’s cash transactions and banking relationships.
The Office of the State Treasurer will form a joint work group in order to prepare and finalize the new agreement which will run until December 31, 2008.