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Regents approve Sodexo dining contract and Union Bank & Trust agreement amid questions on ownership and ATM fees
Summary
The board approved a UNL prime supplier dining services contract with Sodexo and a banking services agreement with Union Bank & Trust; regents raised concerns about Sodexo's foreign ownership and whether ATM fees would go to the bank (they do). One regent abstained on the bank vote because of a board directorship.
The Board of Regents on Feb. 6 approved two UNL business items: a prime supplier agreement for dining and related food items with Sodexo (initial term Apr. 1, 2026–Jun. 30, 2029, with renewal options; estimated total expenditure ~ $40 million including renewal terms) and a university banking services license agreement with Union Bank & Trust (effective May 31, 2026, six‑year initial term with renewal options).
During discussion, one regent asked whether an American provider could meet needs instead of Sodexo, noting Sodexo's foreign ownership. UNL staff responded that Sodexo is partnering locally with a U.S. company in Lincoln and that the RFP process selected Sodexo for reasons stated in the procurement documents.
On the banking item, one regent publicly abstained from the vote and disclosed they sit on the Union Bank & Trust board of directors; other regents discussed ATM fee distribution and were told ATM fees would go to Union Bank & Trust.
Why it matters: These agreements commit several years and significant dollars for campus dining and student financial services. Regents asked about ownership and local partnerships and sought transparency about revenue flows from services such as ATMs.
What comes next: UNL will execute the Sodexo agreement and the Union Bank & Trust license; campus staff will continue to communicate partnership details and financial terms as contracts are finalized.
