South Carolina Treasurer Curtis Loftis promised a new contract to the Bank of New York Mellon Corp. Loftis has signed a 10-year agreement that cuts the bank's share of profits on short-term investments but also pays new quarterly fees that will likely boost the bank's take. The new contract, effective January 1, 2014 calls for the bank to take 10% instead of 15.

But Loftis also must make quarterly payments from state and retirees' funds, which his office has estimated at between $1.5 million to $2.25 million annually. Even the low estimate exceeds what the bank made from its 15% for the last four years combined.