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Postal News
FOR IMMEDIATE RELEASE
October 21, 2002
Contact: (202) 268-2155
Release No. 02-077
Postal Service Awards Contract To Union Bank Of California
WASHINGTON, D.C. - The United States Postal Service today signed agreements with Union Bank of California to provide depository services for 2,059 post offices in California with annual deposits of approximately $6 billion. The contract will take effect in November, 2002.
This contract is part of the Postal Service's overall treasury management strategy to ensure efficiency in its cash management, helping Americans get the best value for the postage they pay. As part of this strategy, the Postal Service has reduced the number of banks it uses for cash management from more than 5,000 to less than 30 during the past five years.
"The Postal Service sought a provider based on a best-value award process that could maximize cash availability, minimize deposit account balances and increase the efficiency of information flows between the bank and the Postal Service," according to Postal Service Vice President and Treasurer Robert J. Pedersen. "We look forward to a productive relationship with Union Bank of California to help us achieve these goals."
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Since 1775, the U.S. Postal Service has connected friends, families, neighbors and businesses by mail. It is an independent federal agency that makes deliveries to 137 million addresses every day and is the only service provider to deliver to every address in the nation. The Postal Service receives no taxpayer dollars for routine operations, but derives its operating revenues solely from the sale of postage, products and services. With annual revenues of more than $65 billion, it is the world's leading provider of mail and delivery services, offering some of the most affordable postage rates in the world. The U.S. Postal Service delivers more than 43 percent of the world's mail volume - some 207 billion letters, advertisements, periodicals and packages a year - and serves 7 million customers each day at its 38,000 retail locations nationwide.
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