Approval of Award of Banking Service RFP 2026-018 to ITHINK Financial Credit Union for three years with the option to renew for two additional one-year periods by mutual agreement of both parties.

The City solicited proposals for Banking Services from financial institutions, and there were four responses. Of the four responses, two were deemed non-responsive. The two remaining proposals were evaluated by the City's Chief Accountant, Accountant, and Budget Analyst. ITHINK Financial Credit Union has proposed to provide the City with the services requested at a minimal cost. The interest rate will be tied to the Federal Reserve Interest Rate on Reserve Balances (IORB) as published by the Federal Reserve, less a margin of 0.50% with a floor rate of 0.10%.

It is recommended to award the Banking Service proposal to ITHINK Financial Credit Union. Their proposal demonstrates their willingness to provide cost effective services for the City. The contract term will be for three years with the option to renew the contract for two additional one-year periods by mutual agreement of both parties.

Award to alternative bidders or request new bids

Finance Department

Purchasing Department