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Lebanon treasurer recommends Bank of Springfield; council moves to draft resolution
Summary
Treasurer Jessica presented RFP results and recommended Bank of Springfield (presented as "Bank 4") for the city's operational accounts, citing 3.75% on balances, remote deposit capture and fraud protections; she disclosed employment with the bank's insurance agency. Council asked for process clarifications and voted to draft a resolution to send to the city attorney for committee review.
Treasurer Jessica presented the results of a solicitation for banking services and recommended the proposal she labeled as "Bank 4" (Bank of Springfield) for the city's operational accounts. Jessica said she contacted 10 banks, received formal proposals from six and four sealed proposals, and used the city's average on-demand account balance (about $4.5 million) to estimate potential additional interest revenue of roughly $153,000 annually under Bank 4's proposal, which guarantees 3.75% on all accounts through year-end and thereafter would track the federal discount rate minus 0.65…
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