The City advertised the need for banking and investment services through an RFP, facilitated by Purchasing. Within the RFP, the City outlined the importance of additional functionality, creating efficiencies for City processing, added security benefits, as well as increasing the availability of investing public funds as authorized in the City’s Investment Policy and the State Code of Iowa.

Four proposals were received: Midstates Bank NA, US Bank, American National Bank, and Security National Bank. An internal evaluation committee of four employees evaluated the proposals based on the following criteria:

1)     Overall strength, stability and total asset holdings (25%)

2)   Availability of banking, investment, and related services  and cost structure (25%)

3)      Support capability and customer service (25%)

4)      Investment services and interest rates (15%)

5)      Project Approach and Understanding (10%)

After the proposals were evaluated and ranked, the evaluation committee interviewed the top two banks. Upon completion of the interviews, the evaluation committee unanimously selected Security National Bank as the primary financial institution for the City.

Approval of this resolution. The services offered will increase functionality while creating efficiencies with the City’s main operating account and public funds.