Town Bank will become the exclusive commercial and retail banking partner of Marquette University under a new agreement between the university and the bank's parent company, Wintrust Financial Corp.
Marquette announced the corporate partnership with Rosemont, Ill.-based Wintrust on Tuesday. The university's current banking partner is U.S. Bank, which operates a branch in the school's Alumni Memorial Union. That contract with U.S. Bank dates back to 2000 and is set to expire at the end of this fiscal year.
As part of the arrangement, Wintrust plans to invest $12 million over 10 years to fund student scholarships and athletic and educational programming, among other events, according to a news release. Town Bank will also take over the bank branch in the Alumni Memorial Union and the ATMs across campus as part of the deal.
“Partnering with Marquette University fits well with the mission and values of Town Bank and Wintrust," said Jay Mack, president and CEO of Town Bank. "Just as the university seeks to extend its boundaries beyond the campus, we, too, want to extend our presence beyond our brick and mortar branches."
Read more in the Milwaukee Business Journal.