Title
Depository Changes for Certain City Accounts
Summary
DESCRIPTION OF TOPIC: (who, what, when, where, why, and how much)
Sue Steigerwald, Finance Manager: Due to rising bank fees and diminished rates, proposals were solicited from local banks and banks with existing relationships with the City.
SOURCE OF FUNDING:
Please provide the amount requested: _______N/A
Is this a budgeted item? Yes /No N/A
Please provide the budgeted amount: $_____________ Account No. ___________________________
If budgeted, is this a capital purchase, capital project, or special fund? _________________________
Was this item included in the Fiscal Year Capital Projects Plan? Yes/No
If yes, please provide the amount included in Capital Projects Plan: $___________
Body
WHEREAS, On June 6th, 2014, proposals were solicited from local banks and banks with exisiting relationships with the City.
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, as follows:
SECTION 1: The following responses were received:
1. BB&T - No response received.
2. Bancorp South - No response received.
3. Bryant Bank - Flush with money, so no investment accounts offered. Will continue to provide no service charge on accounts, $3 for monthly provision of cancelled checks (audit/grantee requirement), no fees for stop payments (10-15 of these per month), $6 returned item fee (NSF), $20 wire fee.
4. Centennial Bank - Investment interest equal to the 91-day t-bill which is currently .035% with a floor rate of .23% APY. Rate structure will be reviewed in 2 years. No service fees. Deposit relationship - Minimum aggregate average daily balance of $5M.
5. Citizens Bank - No response received.
6. Community Bank - They are willing to take on an additional million dollars in deposits with the same interest/fee structure (.30% APY).
7. PNC - Passing
8. Regions Bank - No response received.
9. The First Bank of Baldwin County - Investment interest of 0.23...
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