The Tennessee Education Lottery Corp. selected First Tennessee from a field of eight banks to provide banking services for the Tennessee Lottery.
The three-year contract for centralized banking services includes account maintenance and depository services available to retailers, payroll, accounts payable, cash management and processing prize checks. First Tennessee is partnering with minority-owned Citizens Bank to serve the Lottery.
“First Tennessee brings a number of strengths to this partnership, including our commitment to service, leading technology, and convenient financial center locations and ATMs across the state to serve the retailers, vendors and employees of the TELC,” said Mike Edwards, president of First Tennessee’s Nashville region.
“As a long-time supporter of education in our state, we are particularly pleased that this partnership will benefit the state’s education goals through the lottery’s scholarship programs,” Edwards said.
First Tennessee was the lead bank on a multi-million dollar line of credit established by the state to cover start-up expenses.