Pepper Pike Council approves Dollar Bank depository agreement after presentation

Pepper Pike City Council voted Jan. 27 to approve a public depository agreement with Dollar Bank following a presentation by bank representatives and questions from council members.

Brad Crane, senior vice president of treasury management for Dollar Bank, introduced himself and the bank’s public-funds services to the council: "My name is Brad Crane. I am a senior vice president of treasury management and the division manager for our treasury management group and public fund banking group." Chris Evmow, Dollar Bank’s treasury management officer, described the bank’s municipal services and work in the Northeast Ohio market.

The administration said staff sought a new banking partner after concluding the city was not earning sufficient interest on its cash holdings and that Dollar Bank offered product features — including the ability to create subfunds for different internal categories — that would make day-to-day cash management simpler. Council members asked which accounts would move to the new bank; bank staff said most operating accounts could transfer but that Fifth Third would remain the city’s investment adviser and Star Ohio funds could be retained as desired.

The mayor asked for a motion to approve the agreement "pursuant to Section 234.4 of the codified ordinances." Council moved and seconded the measure and adopted it by roll call. The transcript records affirmative roll-call responses from the members listed by the clerk during the vote.

The approval authorizes staff to finalize the depository arrangement with Dollar Bank. Council members said they expect to continue monitoring accounts and investment performance while preserving the city’s existing investment relationship with Fifth Third. The mayor thanked the bank representatives for the presentation and council members for their participation.