Busey Bank is closing its on-campus location. The university has started a search for a new bank to fill the place.
Students currently banking with Busey Bank will feel the impacts of the closure set to occur on Nov. 19.
According to an email the university sent, SIUE is putting out a Request for Information in hopes to find a new banking partner. They hope to find a new banking service soon to provide students with the convenience that Busey offered. A Request for Information is a business process where the purpose is to collect information from businesses about a certain business’s capabilities and is filled out only by bidding businesses.
According to Vice Chancellor for Student Affairs Jeffrey Waple, the university administration met to decide if an on-campus bank was a priority and the Chancellor’s Council decided that it was.
“The general consensus is that we needed a branch for a lot of reasons. One, to support our faculty, students and staff and their banking needs. It’s a big support for international students who have to establish accounts, student organizations also have their accounts [here]. So it was decided to have the banking service,” Waple said.
The Request for Information went out on Sept. 27 to all the local banks in Edwardsville and Glen Carbon. The school had already seen eight or nine banks reach out prior to the RFI being sent out, which is a good sign according to Waple.
“The bank can ask questions [until] [Oct.] 1, then the submissions must be here by [Oct.] 15. Then the team will review them. [I] think we’re gonna have double-digit submissions this time,” Waple said.
Waple said that the ideal bank would not only provide students, staff and faculty with banking services but would also support students with financial literacy or similar skills. He said the university was very direct in the RFI that the bank must have a face-to-face business model, not a virtual office.
“Our campus is student-centered, face-to-face interactions [and] engaged in campus life and that’s what we want and that’s right on the main page of the RFI,” Waple said.
Freshman pre-med major, Sylvia Lopshire from Arrowsmith, Illinois, said that she’s a little upset about the bank closing as she had transferred all her money here when she first moved to SIUE. She still plans on banking with Busey, but wouldn’t be opposed to switching to a new bank if one opens in the MUC.
“I think I’ll still bank with Busey, their student checking account has good benefits, but if there is a new one that they find, I would definitely switch again,” Lopshire said.
Busey Bank declined to be interviewed but issued a statement via email.
“After careful review and analysis, Busey made the decision to consolidate its local branch footprint to maintain a balance in our service center network and broad digital banking services. Busey is committed to maintaining a strong presence in the Metro East. With 12 remaining service centers throughout communities in the area, extensive ATM network and robust digital banking tools, customers will have many local, convenient options when the SIUE location closes in late November 2021,” Rob Schwartz, senior vice president and commercial market president said.
Waple said that he hopes to announce the new bank around December or January and that the new bank is in place before the end of the spring semester. The deadline is set to be before summer begins so the bank can provide students with support during Springboard.
The Busey ATM will remain in the MUC until a new bank takes over. Students are still able to bank at the Busey location in downtown Edwardsville.