CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
title
Approve the award of the first, two-year extension to Contract 21-155, Banking Services, to Wheaton Bank and Trust, N.A. (a Wintrust Community Bank) for an amount not to exceed $295,000
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DEPARTMENT: Finance Department
SUBMITTED BY: Raymond Munch, Finance Director
BOARD/COMMISSION REVIEW:
N/A
BACKGROUND:
In 2021, the City Council approved the award of Contract 21-155 to Wheaton Bank and Trust for an initial five-year term with potential extensions of two-year increments. The contract may be renewed by mutual written agreement of both parties to be executed six months prior to contract expiration.
As part of this contract, Wheaton Bank and Trust is responsible for the following banking services:
1. Lockbox services
2. Payment issuance for accounts payable and payroll via ACH and/or physical checks
3. Deposit services including remote deposits, in-person deposits, ACH & Wires
4. Wire transfers
5. Secure file transfer protocol services
6. Fraud protection
DISCUSSION:
Over the past five years, Wheaton Bank and Trust has demonstrated its commitment to client service and is responsive to the Finance Department's needs and inquiries. This relationship has resulted in numerous benefits and efficiencies to the City, including enhanced fraud protection and more competitive interest earnings.
The Finance Department was notified of a two percent increase in the Deposit Administrative Fee due to an updated charge from the FDIC that will go into effect on January 1, 2027. All other pricing as originally outlined in the Banking Services Proposal will remain unchanged.
The term of the first extension is two years from January 1, 2027 through December 31, 2028.
FISCAL IMPACT:
CIP #: N/A
Depository banking services are expensed to Financial Service accounts across various funds. The award requested is for banking services that will begin in 2027; staff will use the requested award to set the 2027 banking s...
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