09/02/03
Exclusive Mandate for Cash and Cash Letter Processing Services
NEW YORK, N.Y., September 2, 2003 - The Bank of New York announced today that it has been reappointed by The United States Postal Service (USPS) to serve as its primary depository bank in the New York metropolitan area and to provide cash and cash letter processing for all USPS branches in the region.
As a primary cash management bank, The Bank of New York will provide depository services for all of the 1,200 post office locations within the New York metropolitan area, which comprises New York City, Long Island, Westchester County, and Northern and Central New Jersey. This region represents one of the largest concentrations of funds for the Postal Service.
The Bank’s relationship with USPS originated in the early 1970s and was expanded in 1998 when the Bank was first awarded the exclusive metro area mandate. In 2002, The Bank of New York handled the processing of approximately $5.2 billion in cash for the USPS. The Bank was reappointed as sole depository bank for the region as a result of a competitive bidding process.
Terence P. Hayes, manager of accounting operations at The United States Postal Service, said, "We chose The Bank of New York as our chief depository bank because of its specialized wholesale limited branch service offering and our longstanding relationship. The Bank has a highly coordinated team approach and, over the past five years, has supplied the Postal Service with technology changes that have kept our cash management process at the top of the industry. The Bank of New York continues to be the best depository bank and cash management provider for us, both in terms of service and relative cost."
David Cruikshank, managing director and head of the cash management sales division at The Bank of New York, said, "We are extremely pleased to serve as the primary depository service bank to The United States Postal Service. This mandate underscores our commitment to offering state-of-the-art technology solutions to our cash management clients, and this reappointment provides an excellent opportunity for The Bank of New York to continue its long and mutually beneficial relationship with the USPS."
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in securities servicing for issuers, investors and financial intermediaries. The Company plays an integral role in the infrastructure of the capital markets, servicing securities in more than 100 markets worldwide. The Company provides quality solutions through leading technology for global corporations, financial institutions, asset managers, governments, non-profit organizations, and individuals. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has a distinguished history of serving clients around the world through its five primary businesses: Securities Servicing and Global Payment Services, Private Client Services and Asset Management, Corporate Banking, Global Market Services, and Retail Banking. Additional information on the Company is available at www.bankofny.com.
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