HomeMy WebLinkAboutCORRESPONDENCE - RFP - P772 BANKING SERVICES (3)City of Fort Collins
DATE
TO:
Adminis,ative Services
Finance Administration
MEMORANDUM
November 7, 2000
Mayor and Council Members
THROUGH: John F. Fischbach, City Manage
Frank W. Bruno, Assistant City ManagerB"'IIO
FROM: Alan J. Krcmarik, Financial Officer -At -
SUBJECT: Banking Services Selection Process
ISSUE: The City of Fort Collins is in the process of selecting a bank to provide
depository services. The contract is for one year, with up to four additional one-year
extensions for a total of five years. Three banks responded to the request for proposals.
Two were clearly rated higher than the third. Staff has scheduled interviews with the top
two ranked banks for November 0, 2000. Additional information will be available at the
meeting.
Finance Committee Action Requested. Questions and discussion welcome. No formal
action required.
SUMMARY:
In response to the City's request for proposals, three banks submitted proposals. While
all three of the banks could probably provide an adequate level of the desired services,
the evaluation team ranked two proposals higher than the third by a wide margin.
Staff has scheduled interviews with the top two banks, First National Bank and Wells
Fargo Bank on Monday, November 13. According to the selection interview procedures,
each bank will have the opportunity make a 20 minute presentation and then to respond
to questions of the evaluation team. Staff has provided a list of questions to each of the
banks. The evaluation team will ask additional questions.
The proposals are very close. Both banks have adequate financial strength and
experience in providing the desired services. The Wells Fargo proposal appears to have a
stronger technological capability. Both have adequate disaster recovery plans in place.
300 LaPorte Avenue • P.O. Box 380 • Fort Collins, CO 80522-0580 • (970) 221-6788 • FAX (970) 221-6782