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Glendale council designates Bank59 as public depository after multi‑month evaluation
Summary
The council approved a resolution replacing BMO with Bank59 as the city’s public depository and updated authorized signatories, with staff saying the change will reduce fees and increase interest earnings.
The Glendale Common Council approved a resolution to change the city’s public depository from BMO to Bank59 and to update the list of authorized signatories for city accounts, according to City Administrator Carl Warwick.
Warwick told the council the decision followed a four‑to‑six month evaluation of potential banks and staff recommendations. Finance Director Jolene Lee prepared a weighted evaluation chart that staff used to compare options, Warwick said.
Staff estimated the switch will reduce monthly fees from about $1,600 to $335, producing approximately $16,000 in annual fee savings, and yield roughly $120,000 in additional annual interest earnings, according to Warwick’s presentation. The council praised the cost savings in discussion and approved the resolution on a motion and second.
Why it matters: The depository designation affects where the city places operating funds and who is authorized to make deposits and withdrawals; changes can influence liquidity, fees and interest income.
Discussion and direction: Council discussion was brief and supportive; no amendments were proposed. The list of authorized signatories was updated to reflect active city employees rather than previous signatories.
Formal action: The council moved and seconded the resolution and approved it without recorded opposition.
