Excelsior Springs School District will move its banking services after a competitive evaluation found a new proposal offered greater overall value to the district.

The Board of Education recently approved Farmers State Bank as the district’s banking depository, replacing Bank Midwest, after the district sought proposals in accordance with board policy and state requirements.

Three financial institutions submitted proposals, which were independently scored by a four-member evaluation committee representing multiple district departments. The committee also sought additional information as needed and consulted with the Missouri School Boards’ Association Finance Mentor Program, whose adviser brought experience in commercial banking and public school finance.

Farmers State Bank received an evaluation score of 97.8 points, followed by Bank Midwest at 88.3 and Central Bank at 81.

According to the district’s evaluation report, proposals were evaluated based on financial return, banking fees, loca…