Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Flagstaff picks Wells Fargo for city banking after sustainability scoring in RFP
Summary
After a multi‑bank RFQ, the council approved a banking and depository services contract with Wells Fargo; staff said Wells Fargo scored highest on deliverables and offered fee waivers and tech credits to offset costs.
City treasurer and management services director Rick Tatter presented the results of a competitive procurement for the city’s banking and depository services and recommended Wells Fargo, which the council approved.
Tatter summarized the RFP process (posted Aug. 20–Oct. 10, 2025), the evaluation criteria (service deliverables, pricing, sustainable procurement scoring) and the top respondents. "US Bank had 413 points out of 500 and Wells Fargo had 429 out of 500," he said. He told council Wells Fargo increased its final offer to include a technology enhancement credit (raised from $10,000 to $20,000 in negotiations), waived fees for the first 24 months and offered competitive interest/earning credits.
The procurement included a 10‑point sustainable procurement subscore to reflect council direction about fossil‑fuel financing; Tatter said respondents generally disclosed some fossil‑fuel financing but also documented commitments to climate action. "Of the respondents, all of them really do have some type of activity with fossil industry and financing," he told council, noting the sustainable scoring influenced interviews and the final recommendation.
Council discussed whether regional or green banks had bid; Tatter said no smaller local green bank submitted a final proposal. Council voted to approve the contract and authorize the management services director to execute necessary documents.
