HomeMy WebLinkAbout2016-06-20-J01F Banking Services►�� V/aukee
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AGENDA ITEM:
CITY OF WAUKEE, IOWA
CITY COUNCIL MEETING COMMUNICATION
MEETING DATE: June 20, 2016
AGENDA ITEM: Consideration of approval on acceptance of the 3 year proposal from
West Bank for banking services for years beginning
July 1, 2016, 2017 and 2018.
FORMAT: Resolution
SYNOPSIS INCLUDING PRO & CON: On March 15, 2016 we mailed RFD's for general
banking services, to 16 banks and 1 investment services agency,
including those who have a physical presence in the City of Waukee, as
well as current members of the Waukee Chamber of Commerce. We
received proposals back from 11 institutions and I investment services
agency, listed on the attached documentation.
During my first review of the proposals, the field was narrowed to two
institutions based on proposed fees for services and interest rates. The
two front runners were Great Western Bank and West Bank. The
comparison of services and fees is included for your review.
If anyone is interested in reviewing the individual proposals in their
entirety, please let me know and we can arrange a time for your review.
It is our recommendation that we continue banking services with West
Bank as their proposal is still competitive with all fees waived, current
interest rate of .50%, and has provided excellent customer service the
past 6 years.
FISCAL IMPACT INCLUDING COSTBENEFIT ANALYSIS: NA
COMMISSIONIBOARDICOMMITTEE COMMENT:
STAFF REVIEW AND COMMENT: Staff recommends awarding the 3 year banking services
to West Bank, with an optional 3 year extension.
RECOMMENDATION: Approve the resolution.
ATTACHMENTS: I. Banking Services RFP Comparison Worksheets
PREPARED BY:
REVIEWED BY:
Linda Burkhart A 4
PUBLIC NOTICE INFORMATION -
NAME OF PUBLICATION: NA
DATE OF PUBLICATION:
THE CITY OF WAUKEE, IOWA
RESOLUTION
APPROVING AND ACCEPTING WEST BANK'S BANKING SERVICES
PROPOSAL FOR 3 YEARS
JULY 1, 2016, 2017 AND 2018
IN THE NAME AND BY THE AUTHORITY OF THE CITY OF WAUKEE, IOWA
WHEREAS, the City of Waukee mailed Requests For Proposals to 16 local banking
institution and 1 investment services agency; AND,
WHEREAS, the City received 12 written proposals for consideration and review; AND,
WHEREAS, the City's Director of Finance and City Administrator have reviewed and
discussed each proposal and recommends acceptance and approval of West Bank's
proposal; AND,
NOW THEREFORE BE IT RESOLVED by the City of Waukee City Council in
session this 20' day of June 2016 that it hereby approves and accepts the proposal from
West Bank for banking services to be provided to the City of Waukee for the years
beginning July 1, 2016, 2017 and 2018.
William F. Peard, Mayor
Attest:
Rebecca D. Schuett, City Clerk
ROLL CALL VOTE AYE NAY ABSENT ABSTAIN
Brian Harrison
Shelly Hughes
Larry R. Lyon
Rick Peterson
VACANT SEAT
RFP's Sent Out
Address
Received Proposal
American Trust
9350 University #120, West Des Moines
Yes
Bank Iowa
1150 Jordan Creek Pkwy, West Des Moines
Yes
Bank of the West
2199 NW 159th St, Clive
Yes
Bankers Trust
11111 University Ave, Clive
Yes
Central Bank
6601 Westown Pkwy #140, West Des Moines
Yes
Charter Bank
455 6th Street, Waukee
No
Community State Bank
460 SE University, Waukee
Yes
First American Bank
45 N Warrior Lane, Waukee
Yes
Great Western Bank
13150 Hickman Rd, Clive
Yes
Iowa State Bank
2301128th Street, Urbandale
No
Midwest Heritage Bank
1725 Jordan Creek Pkwy, West Des Moines
No
Miles Capital
(Investment Services Only)
Partial
Northwest Bank
5700 University #100, West Des Moines
Yes
People's Trust & Savings
1185 SE University, Waukee
No
State Savings Bank
4800 Mills Civic Pkwy #100, West Des Moines
No
Wells Fargo
110 E Hickman Rd, Waukee
Yes
West Bank
955 E Hickman Rd, Waukee
Yes
Closest Branch Location
Contact
Phone
Proposal Received on Time
Bid Form Pages 6-11 Submitted
Great Western Bank
13150 Hickman Rd
Clive
Ron Degen
440-8471
V
V
West Bank
955 E Hickman Road
Waukee
Kinsey Bodensteiner
222-2387
V
V
Cost of Services
Waive all fees
Waive all fees
Same Day Deposit Cut -Off Time
5:30 PM - Branch
7:00 PM - Remote Capture
6:00 PM - Branch
7:00 PM - Remote Capture
Lobby Hours
9:00 - 5:00 M-F
8:30 - 5:00 M-TH
8:30 - 5:30 F
Drive Up Hours
8:00 - 5:30 M-F
7:30 - 6:00 M-F
ACH Payroll Time Required
6:00 pm / 2 business days
Next Day for Emergency
4:00 pm / 2 business days
Next Day for Emergency
ACH Cost per Item
$0.00
$0.00
Stop Pay Process
Online Portal
eCorp - Web
Night Deposits
Yes - N/C
Yes - N/C
Current Interest
0.39%
0.50%
Electronic Deposit Option
Yes -Scanner Equip Provided
No Fee
Yes -Scanner Equip Provided
No Fee
Electronic Deposit -Document Destruction Sery
No Shredding Services
Shredding Available @ No Fee
for direct deposit items only
Positive Pay Options
Available
Available
Safe Deposit Box
Available
Provide 1 @ N/C for
3 years of contract
Public Funds Capacity
Yes
Yes
Risk Based Capital %
12.40%
11.32%
Total Assets
$1.S Billion
$1.7 Billion