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St. Helens staff recommend moving city operating accounts to US Bank to ensure treasury-scale services
Summary
City finance staff told the council that municipal operating accounts should be held at a large commercial bank (US Bank) for treasury tools, accounting integration and fraud protection, while tourism funds would remain with a local credit union; US Bank’s local branch manager described community involvement and openness to sponsorships.
City finance staff and a US Bank representative presented a banking proposal at the June 17 work session recommending that St. Helens move primary operating accounts to US Bank while keeping tourism funds with a local credit union.
Finance staff said municipal-scale operations require high-volume processing, robust fraud protection, treasury-management systems and accounting integration that local credit unions may not currently provide. The staff memo argued that integrating bank systems with the city's accounting software is essential for reliable payroll, vendor payments and daily cash-flow visibility.
Nicole Flores, branch manager for US Bank, described local community engagement by the bank and said the regional office can review sponsorship requests and community proposals. Flores said US Bank supports local activities and employee volunteerism and is open to evaluating requests for community sponsorships and support.
Staff emphasized this recommendation as a risk-management decision: city operating continuity and transaction security drove the choice rather than a preference against credit unions. Staff said credit unions would continue to be used where they best serve community goals (for example, tourism funds), but that the operational demands of core city accounts favor a commercial bank with municipal-grade infrastructure.
Council members asked questions about local partnerships and community programs; no formal banking contract was approved during the work session. Staff said the change would require contract decisions and subsequent council action on banking agreements before funds are moved.
