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Council approves continuing municipal banking services with Alerus
Summary
After reviewing five proposals, the Deephaven City Council approved continuing municipal banking services with Alerus, accepting staff's recommendation based on services, competitive interest rates and financial benefit to the city; the motion passed 5-0.
The Deephaven City Council voted 5-0 to continue municipal banking services with Alerus following staff review of five proposals.
Finance Clerk Andrew Keller presented the proposal comparisons and recommended Alerus based on service offerings, competitive interest rates and overall financial benefit to the city. Councilmember John Studer moved to approve continuation with Alerus; Councilmember Tom Erdmann seconded the motion and it carried unanimously.
The council did not specify contract length or detailed fee schedules at the meeting; staff indicated they had reviewed proposals and recommended the vendor based on the factors presented. Council action will allow staff to move forward under the selected provider; contract details were not recorded in the minutes and will be handled by staff procurement processes.
