Res 10-052
Res 10-052
CITY COMMISSION REGULAR MTG
- Meeting Date:
- 05/05/2021
- Title:
- Director of Finance
- Submitted For:
- Laura Boyd
- Submitted By:
- Laura Boyd, Finance
- Department:
- Finance
Information
ACTION REQUEST (Brief Summary)
Approve and award Bid #2021-096 Banking Services Contract.
BACKGROUND
The Request for Proposals was posted in the Galveston Daily News newspaper on April 1, 2021, and also sent to the following vendors on April 1, 2021:
Texas First Bank
Regions Bank
BBVA Bank
Moody National Bank
Bank of America
Amoco Federal Credit Union
JSC Federal Credit Union
Proposals were due back to the City on Monday, April 26, 2021 at 2:00 p.m.
Texas First Bank
Regions Bank
BBVA Bank
Moody National Bank
Bank of America
Amoco Federal Credit Union
JSC Federal Credit Union
Proposals were due back to the City on Monday, April 26, 2021 at 2:00 p.m.
ANALYSIS
The only proposal received was from Texas First Bank. Texas First Bank fully meets all minimum qualifications.
The Finance Department recommends the depository contract be awarded to Texas First Bank for a term of five years beginning June 1, 2021.