City Council

6. AUTHORIZE RFP: BANKING SERVICES – F2M24-58, RFP2M24-19\nThe City of Alhambra had been banking with Bank of the West for over 20 years until last\nyear, when BMO Bank acquired Bank of the West. The City is experiencing some\n4\n8-26-24\ndisruption in services following the acquisition. To ensure the City is receiving the highest\nlevel of banking services and competitive pricing, staff is recommending the distribution of\na Request for Proposals for banking services.\nRecommended Action: City Council authorize the distribution of a Request for\nProposals to select a qualified bank for comprehensive banking services and competitive\npricing to support the City’s financial operations with proposals due no later than 11:00\na.m. on October 10, 2024; and, direct staff to undertake the steps necessary to finalize\nCouncil’s action.