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Riverbank council approves five‑year banking contract with JPMorgan Chase after community bank objections
Summary
After a public pitch from Farmers & Merchants and questions about local presence and scoring, the Riverbank City Council voted 5–0 to authorize a five‑year banking and merchant‑services contract with JPMorgan Chase, citing projected earnings from automated sweeps and lower net fees.
Riverbank — The City Council voted unanimously to authorize a five‑year contract, with two‑year extension options, for banking and merchant services with JPMorgan Chase, approving staff’s recommendation that the global bank provide a unified account structure and automated nightly sweep into money‑market instruments to increase earning potential.
Assistant City Manager Tammy Alcantor told the council the city issued a request for proposals in August 2024 and received four bids: JPMorgan Chase, Westamerica Bank, Oak Valley Community Bank and Farmers & Merchants Bank. Staff and an outside consultant evaluated technology, fees and earning potential and ranked Chase highest on combined…
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