Agency Investment Board

Contractor Principal Bank

SWIFT Contract Number 209889

Project Name Custodial Trust - State Assets

Project Number (if applicable) {Empty}

Summarize purpose of the contract, including why it was necessary: This was a contract for the custodial banking relationship for the investment of State Assets managed by MN SBI. Note, this contract was assigned to Principal Bank as Wells Fargo sold off their custodian banking services division.

Project Duration

Start Date Tue, 02/22/2022 - 00:00

Original end date Sat, 12/31/2022 - 00:00

Actual end date Sat, 12/31/2022 - 00:00

Did project finish on time? Yes

Total billable hours utilized (if applicable) {Empty}

Contract Amounts

Original contract: $635000

Amendments {Empty}

Contract total $93753

Did project finish within budget? Yes

What was the funding source? 2000 Dedicated

Is this a sole source contract? No

If this was a single source contract, explain why the agency determined there was only a single source for the services (if applicable) {Empty}

Evaluator Name Paul Anderson

Evaluator Email Address Paul.anderson@state.mn.us

Evaluate the contractor's timeliness Contractor completed the contract requirements on a timely basis. Contractor's timeliness requirements where on a daily basis.

Evaluate the contractor's quality Contractor completed contract requirements on a daily basis and quality was good.

Evaluate the contractor's cost Contractor costs where within the scope of the contract.

Evaluate the contractor's overall performance Contractor's performance was good and maintained a good working relationship and communication on a daily basis. Note, most of the staff were retained by Principal when they bought the Custodial Banking business from Wells Fargo.

Would you engage the contractor's services again? Yes

Describe any negative action taken during the duration of this contract (i.e., termination, pursuit of suspension, etc.): {Empty}

Please rate the overall experience with the contractor 4 - satisfied