The Office of the State Treasurer (OST) is authorized to negotiate a statewide securities custody contract on behalf of local governments and institutions of higher education RCW 43.08.280. The most important benefit of this voluntary program is the opportunity for local governments to obtain the best rate and terms from a single financial institution for custody services.
This contract will save significant time and money for participating local entities that will no longer have to do their own custody search. In the same manner, financial institutions will need to only participate in one search process rather than separate RFPs for each participating local entity. The “pooling” feature of the program will allow smaller jurisdictions to earn the same advantageous rates and terms now available to larger local governments. Currently there are 20 participants with assets of $4.9 billion.
OST’s role is to select the provider and negotiate a model contract. However, OST will not be a party to the contracts- individual contracts for custody services will be between Statewide Custody Provider and the local participants.
If you are interested in program details you may contact Jon Cannon, Vice President and Relationship Manager, Wells Fargo Bank, 907-265-2989, or by email firstname.lastname@example.org.
If you have questions regarding the statewide securities custody program or would like a copy of the fee schedule contact Doug Extine at (360) 902-9012 or email@example.com.