Notre Dame picks 1st Source to serve campus

SOUTH BEND -- The University of Notre Dame has selected 1st Source Bank as its new campus bank branch partner. The five-year contract will take effect July 1.

1st Source Bank will replace Notre Dame Federal Credit Union in the LaFortune Student Center location on the Notre Dame campus and will operate as the university's official cashiering office and as a consumer bank, according to a February announcement from John Sejdinaj, Notre Dame's vice president for finance.

"1st Source could better meet our business banking needs as a university as well as consumer banking needs for students and faculty," Dennis Brown, university spokesman, said Wednesday.

Brown said the university periodically reviews all of its vendor relationships when contracts are up for renewal. A team of university representatives evaluated proposals from other banking institutions and ultimately chose to make the transition to 1st Source Bank, he said.

"For the average employee or student, there will not be any discernible difference," Brown said. "Students and faculty can continue to bank with NDFCU. Going forward, they could also choose to open an account at 1st Source."

NDFCU, which is independent of the university, will close its LaFortune Student Center Branch today. 1st Source Bank will begin operating out of the location July 1.

NDFCU's main office on Moreau Drive north of campus will remain open along with its 10 other branches.

According to the Notre Dame Office of Treasury Services, NDFCU will continue to have ATMs on the university campus and 1st Source Bank also will install ATMs.

"(1st Source Bank) will do the main processing for the university's deposits that come in both physically and electronically," 1st Source Bank President Jim Seitz said Thursday of the bank's new role as Notre Dame's official cashier. New procedures and forms for university transactions will be effective July 1.

"1st Source and the university share a long history in the community and as business partners, and we are excited to expand our relationship," Seitz said in a news release.

1st Source Bank will offer e-Student checking accounts for interested students and Easy Banking Club checking accounts for interested faculty and staff, Seitz said.