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Isanti council tables decision on banking services after review of RFP responses
Summary
Council reviewed five proposals for city banking and depository services, discussed interest-rate tradeoffs, staff transition costs and sweep arrangements, and voted to table the decision to the next meeting so staff can confirm whether a one-year extension is permissible.
The Isanti City Council on June 17 reviewed responses to an RFP for municipal banking and depository services and voted to postpone a final decision to a subsequent meeting while staff confirms legal and operational details. Five institutions submitted proposals; two finalists identified in staff materials were Falcon National Bank (the city's current provider) and Security Bank & Trust, which offered a…
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