City Council

8.4 BANKING SERVICES SELECTION\nComments:\nOn May 2, 2023, the Finance & Administration Department and the City Treasurer’s\nOffice issued a Request for Proposals (RFP) for banking services from qualified\nfinancially secure Federal or State chartered banking institutions that can offer\ncomprehensive banking services at the best value to the City. The deadline to respond to\nthe RFP was July 5, 2023.\nOn November 21, 2023, the City Council authorized the City Manager or his designee to\nnegotiate banking terms with city staff’s top (two) ranked banking institutions, JPMorgan\nChase and BMO (formerly Bank of the West). (FIN)\nRecommendation:\nStaff recommends that the City Council adopt the attached resolution entitled, “A\nRESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD AUTHORIZING\nTHE MAYOR TO ENTER INTO AN AGREEMENT WITH JPMORGAN CHASE TO\nPROVIDE BANKING SERVICES TO THE CITY”.