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NORWEST BANK MINNESOTA WINS BID TO BE PRIMARY DEPOSITORY AND CUSTODIAN OF STATE OF MINNESOTA FUNDS

 NORWEST BANK MINNESOTA WINS BID TO BE PRIMARY DEPOSITORY
 AND CUSTODIAN OF STATE OF MINNESOTA FUNDS
 MINNEAPOLIS, June 3 /PRNewswire/ -- The State of Minnesota's Executive Council voted today to designate Norwest Bank Minnesota as the primary depository and custodian of funds received by the state.
 The council acted on the recommendation of the state departments of finance and revenue and the offices of the State Board of Investment and the state treasurer, which prepared and analyzed bids submitted by Norwest and another bank in a competitive bidding process.
 "Norwest is proud and grateful for the state's vote of confidence in our management and operations," said Jim Campbell, president of Norwest Bank Minnesota.
 The Executive Council is comprised of Minnesota's governor, lieutenant governor, attorney general, secretary of state, state auditor and state treasurer.
 Beginning July 1, under the three-year contract, Norwest will receive most deposits, including taxes and fees, from state departments, including the departments of revenue, natural resources, transportation and public safety.
 Norwest also will be the depository for contributions to retirement funds from members of the Public Employees Retirement Association, the Minnesota State Retirement System and the Teachers Retirement Association. Through its automated clearing house system, Norwest also will process pension disbursements to retirees, direct deposits of state employees' paychecks and other "paperless" electronic fund transfers for the state.
 Under the contract, Norwest's Master Trust Services also will maintain custody of between $3 billion and $6 billion of securities of the State Board of Investment, process the state board's securities transactions and provide detailed reporting on various state investment pools.
 The contract also calls for Norwest Card Services to provide MasterCard and Visa credit card processing for all Minnesota state parks.
 Norwest Bank Minnesota is an affiliate of Norwest Corporation (NYSE: NOB), a $41.2 billion company providing banking, insurance, investments and other financial services through 1,688 offices in 49 states and internationally.
 -0- 6/3/92
 /CONTACT: Patrice Vick of Norwest, 612-667-0148/
 (NOB) CO: Norwest Corporation; Norwest Bank Minnesota ST: Minnesota IN: FIN SU:


AL -- MN014 -- 6618 06/03/92 13:43 EDT
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Publication:PR Newswire
Date:Jun 3, 1992
Words:346
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