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Council awards five-year depository contract to People’s Savings Bank (PSB)
Summary
Staff recommended and council approved awarding depository banking services to People’s Savings Bank for a five-year term beginning April 1, 2026, with two one-year renewal options, citing the bank's proposal on services, fees and investment returns.
Council voted to award the city’s depository banking services contract for the five-year period starting April 1, 2026, through March 31, 2031, with options for two one-year renewals to People’s Savings Bank (PSB), following staff analysis of proposals from six local banks.
Staff said proposals were evaluated on services provided, fees and interest-rate offerings; one PSB option used a cooperative network (Intrify) and offered 100% of the federal funds rate with a 0.5% floor, while a second pledged-funds option offered 95% of the fed funds rate. Staff said both options met Missouri statutes and the city’s investment policy and recommended PSB based on overall value.
Derek Stuckensider, PSB’s regional bank president, attended the meeting to answer council questions. Council moved, seconded and voted in favor of awarding depository services to PSB as recommended.
Next steps: staff will finalize contract documents and transition banking services as scheduled.
