City of Oak Creek
Common Council Report
Meeting Date: 8/15/06
Item No.:
Recommendation: That the Common Council authorizes execution of a continuation of the agreement with Tri City National Bank, to provide banking services for two (2) additional years.
Background: At the Common Council Meeting of 6/4/02, the Council approved contracting for services of Tri City National Bank for an initial two (2) year fixed-price contract, with two (2) optional, two (2) year extensions, effective 11/15/02. The City utilized the first optional two (2) year extension, effective through 11/15/06, under the terms of the agreement.
Tri City National Bank has provided outstanding service and continually accommodates the City’s changing needs. It is particularly important to have experienced bank staff during the months of December and January, when property taxes are accepted by the bank. This extension of the agreement will ensure that the City continue its daily business in a professional and efficient manner.
Last fall Tri City opened an additional bank, now offering (5) banking locations in the City, with three (3) at Pick ‘n Save locations. These three (3) Pick ‘n Save locations are open seven (7) days a week and their hours are 10 AM to 8 PM. There is no deposit cut-off time, thereby reflecting same day credit and interest earnings.
Over the last several months, Danell Krawczyk, Vice President, Tri City National Bank, and I have discussed the possibility of utilizing the final two (2) year extension. It was agreed upon to extend such contract as per the original RFP, with no change in service or fees (agreement attached). Given the benefits of no increase in fees, continuity of service, along with the potential for additional interest earnings, it was determined to be advantageous for the City to extend the contract with Tri City Bank through 11/15/08.
Fiscal Impact: No change to current financial fee structure.
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Prepared by:
Barbara A. Guckenberger City Treasurer
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Respectfully submitted,
Patrick DeGrave City Administrator |
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