MINNEAPOLIS -- Norwest Bank Minnesota said it has been designated the primary depository bank and custodian of funds for the State of Minnesota.
The state departments of finance and revenue and the offices of the State Board of Investment and state treasurer recommended Norwest after taking competitive bids. The governor and other officials on the state Executive Council made it official on Wednesday.
Under a three-year contract beginning July 1, Norwest Corp.'s lead bank will receive most deposits, including taxes and fees, from state departments. Among other functions, the bank will be the depository for contributions to the Public Employees Retirement Association, Minnesota State Retirement System, and the Teachers Retirement Association.