O-1998-2226 - Laserfiche WebLink

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.-----.... e ..........-- e . a ...______. (CCQ)~W l ( We considered the Income for Cumulative Accounts based on an average daily balance of $535,000. Assuming 5.17% is the 30 day average, the ranking was: (1) (2) (3) Institution Baytown State Bank Bayshore National Bank NationsBank Total Income $28,460.00 28,194.50 14,936.13 , Considering both Income and Expenses, and thus, the net impact to the City on an annual basis; the ranking was: (1) (2) (3) Institution Bayshore National Bank Baytown State Bank Nations Bank Net Impact $18,404.30 15,677.42 1,988.43 Financial Condition of the Bank We reviewed the financial information from each bank and, in our opinion, each bank is in sound financial condition and should be in business throughout the term of the proposed agreement Because we were comfortable making this decision, we did not request outside analytical assistance frcim anyone with expertise in the analysis .of banking institutions. Services Provided bv the Sank The provision of service is a subjective matter. Tne following three areas were reviewed relating to the level of service provided: (1) service to the City, (2) service to City employees, and (3) service to our Citizens. It is our opinion that each institution has the ability to provide satisfactory service in each of these areas. One respondent (Bay town State) does not have on-line Banking available at this time but plans to have it by the end of the year. Tney would also require an additional day of lead time for the Direct Deposit of employees paychecks. This could present somewhat of a hardship on our Payroll Department. Conclus ion In conclusion, it is our professional opinion that the City will receive a much better financial deal from Bayshore National Bank. Therefore, we are recommending that the contract for Banking Services be awarded to Bayshore National Bank, La Porte, Texas, for a three year period beginning April 1, 1998. Attachment: Detail of Analysis