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Valley Center council approves switching banking services to Peoples Bank citing stronger yield terms
2253017 · January 21, 2025
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Summary
Council voted to move the city’s three-year banking services contract from Equity Bank to Peoples Bank after staff uncovered contract language that would have produced lower returns than expected and Peoples offered competitive treasury-linked rates and fee waivers.
The Valley Center City Council voted to approve switching the city's three-year banking services contract from Equity Bank to Peoples Bank after staff reported contract language in the winning bid could reduce interest earnings compared with competing offers.
City staff told the council that some bidders…
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