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Lebanon treasurer proposes RFP to shop banking services; council weighs local ties and potential rate gain
Summary
Lebanon’s treasurer introduced a request-for-proposals to evaluate the city’s banking relationship, citing fraud protections and competitive interest rates. Council members pushed for committee review and raised concerns about keeping deposits local amid offers from First Federal.
Lebanon’s treasurer introduced a request-for-proposals on July 21 to review the city’s banking relationship and seek more competitive interest earnings and stronger fraud protections.
The treasurer, Jessica, told the council she had prepared an RFP — not a formal sealed bid — so the city could evaluate banks on multiple factors and preserve flexibility. She said copies would be given to council members for feedback and that proposals would be available to local banks and any bank within a 10-mile radius that requests the materials.
“It does not mean that we are switching banks,” Jessica said, arguing the RFP was due to rising fraud risk and the city’s…
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