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Sachse council awards primary depository contract to American National Bank of Texas
Summary
The Sachse City Council unanimously approved awarding the city’s five-year primary depository services contract to American National Bank of Texas and authorized the city manager to finalize agreements, with staff citing local service and operational needs despite a modest projected income difference with an out-of-city Wells Fargo branch.
The Sachse City Council unanimously approved a resolution Feb. 3 awarding the city’s primary depository services contract to American National Bank of Texas and authorized the city manager or designee to negotiate and execute implementing agreements.
City finance director David Baldwin told the council that Texas Local Government Code Chapter 105, the Municipal Depository Act, requires competitive solicitation for primary depository services at least every five years and that the city’s existing American National Bank agreement runs through May 31, 2025. "Our current agreement with the American National Bank of Texas began 06/01/2020 and ends 05/31/2025," Baldwin said. He said the city…
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