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Oxnard City finance staff recommend Bank of America for municipal banking services
Summary
Oxnard City finance staff recommended the Finance and Governance Committee advise City Council to approve a three-year municipal banking agreement with Bank of America, citing an RFP process that received four proposals and an evaluation that found Bank of America the best overall value.
Javier Tagalogel Lazaro, Oxnard City's chief financial officer, told the Finance and Governance Committee that staff recommends the committee advise City Council to approve an agreement with Bank of America for comprehensive municipal banking services for an initial three-year term with the option to extend for up to five additional one-year terms.
The recommendation follows an RFP released on Jan. 8, 2026. Staff said the city received four proposals on Feb. 16 and that an evaluation committee completed independent reviews on April 15 and a consensus evaluation on April 23. The city treasurer excused himself from the evaluation panel to serve as a subject-matter expert, and later reviewed and concurred with the committee's findings.
Staff reported that the city's existing municipal banking contract ran from Jan. 1, 2023, through Dec. 31, 2025, and that the city secured an extension through June 2026 to complete the procurement. The services specified in the RFP include deposit and treasury management, cash management, ACH and wire transfers, positive-pay fraud protection, online banking and armored transport.
According to Tagalogel Lazaro, the proposal submitted by Bank of America satisfied the city's operational, technical and service requirements and "represented the best overall value." Staff said the evaluation weighed information systems, internal controls and protections against loss, implementation and transition planning, capability and service delivery, cost effectiveness and overall best value.
The transcript records the staff recommendation but does not record a City Council vote or formal contract execution. The next procedural step is for the Finance and Governance Committee to recommend the item to City Council, where any final approval would occur.
Wording in the transcript that read "Citi banking services" was treated in this report as a transcription inconsistency and is presented here as "city banking services" to reflect the intended meaning in context.
