Title
Approving a resolution with the caption reading: A resolution of the City of Pflugerville, Texas authorizing the City Manager to enter into a contract with Wells Fargo Bank, N.A. to provide primary depository and related banking services and establishing an effective date.
Summary
The City previously received notification from the current depository, First Texas Bank, that they are no longer able to provide services to the City of Pflugerville. Finance began the process to select a new primary depository bank by entering into an agreement with Valley View Consulting, L.L.C. to assist the City in its Primary Depository Bank Request for Application (RFA) solicitation process.
The process for selecting a Primary Depository Bank is governed by the State of Texas Local Government Codes: Chapter 105 Municipal Depository Act; Chapter 176 Conflict of Interest Act; Chapter 2256 Public Funds Investment Act; and Chapter 2257 Public Funds Collateral Act.
The RFA process began with analyzing historical bank service usage and balance records as well as reviewing the necessary banking services and potential additional services. In order to create a more competitive process and to provide more banking options to the City, the City Council approved a resolution to include a list of eligible financial institutions within the City’s municipal boundaries as well as the Zip Codes of 78660, 78664, 78728, 78758 and 78653. Based on these expanded boundaries, twenty (20) institutions were invited to submit an application in response to the RFA.
Applications were received from: Independent Financial; JP Morgan Chase Bank, N.A; PlainsCapital Bank; Southside Bank; Wells Fargo Bank, N.A.
The City carefully reviewed the submitted applications based on the following criteria in no particular order of priority:
1. Ability to perform and provide the required and requested services;
2. References provided and quality of services;
3. Cost of services;
4. Transition cost, retention an...
Click here for full text