Title
Approving a resolution authorizing the City Manager to execute a contract for banking services with First Texas Bank.
Summary
On June 1, 2012, the City sent a Request for Proposal to each of the five banking institutions with full-service banking centers within the City limits. In addition, an advertisement was placed in the Pflugerville Pflag on June 6, 2012 and June 13, 2012, indicating the City was requesting proposals for banking services.
The financial institutions submitting proposals were required to meet the following minimum criteria:
· Must be a banking corporation incorporated under the laws of the State of Texas; and
· Maintain a full-service branch with drive up and night depository capabilities within the city limits of the City of Pflugerville.
Questions regarding the requirements listed in the RFP that were posed by any banking institution were answered by the City’s Finance staff and the answers communicated to representatives of each known prospective bidder. Proposals were due on June 27, 2012, at the City of Pflugerville Finance office. Proposals for banking services were received from the following four institutions on that date:
Chase (JP Morgan Chase Bank)
Citizens National Bank
Comerica Bank
First Texas Bank
Institutions not responding:
Bank of America
The City Finance staff evaluated the proposals, taking into account the following selection criteria:
- Cost of services.
- Convenience and availability of banking services, electronic as well as lobby/backroom services.
- Responsiveness to the needs of the City, both in the time required to complete transactions and in the scope of the services offered.
The Finance and Budget Committee reviewed the proposals on July 12, 2012 and concurred with the staff recommendation of First Texas Bank.
Deadline for City Council Action
The current contract for banking services expires on September 30, 2012.
Fiscal Impact
We anticipate minimal or no increase in cost to the City over...
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