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Council approves PlainsCapital Bank as official city depository (Resolution R-28-26)
Summary
After a competitive RFA, finance staff recommended PlainsCapital Bank as the city's depository; PlainsCapital scored highest and offered a six-month fee waiver. The council approved Resolution R-28-26 authorizing PlainsCapital as the city's bank and authorized execution of agreements.
The Glenn Heights City Council voted on July 7 to designate PlainsCapital Bank as the city's official depository under Resolution R-28-26. Finance Director Sherry Roberts told council the RFA was published and three responses were received; PlainsCapital scored highest in the committee evaluation and offered to waive the first six months of account fees.
Roberts said the selected contract would begin September 1 and include a three-year initial term with two one-year extensions. She noted that PlainsCapital’s fee structure can be offset if the city meets average-balance thresholds the bank specified. Council asked staff to inquire whether PlainsCapital would consider opening a branch in Glenn Heights and whether the bank’s public-finance group could assist the city with a capital-expenditure line.
The council voted to approve the resolution and authorized the mayor or city manager to execute any related documents.
