Title
Resolution - A Resolution Authorizing and Extending the City's Depository Contract for Banking Services with JPMorgan Chase for Two Years
Requested Action
Renew and extend the existing Depository Contract with JPMorgan Chase
Recommendation
Staff recommends that the City Council of the City of Mansfield, Texas authorize the extension of the Depository Contract between the City of Mansfield, Texas and JPMorgan.
Description/History
The City’s process of contracting with a Depository for Banking Services has been to review the contract every three to five years depending upon service levels, banking fees and staffing expectations of banking services.
Previously, the Depository contract was held for 15 years between the City of Mansfield, Texas and what is now known as Frost Bank. In 1999, the City Council voted to contract with Bank of America to provide the Depository Services for the City of Mansfield, Texas. In 2010, the City of Mansfield, Texas voted to contract with JPMorgan Chase to provide Depository Services for the City.
Justification
JPMorgan Chase is one of the largest customer deposit Banking Institutions in the United States of America. They offer a full array of banking solutions: banking services, investment services, and underwriting services. The bank also has an innovative technological platform that allows the City to minimize its work efforts in managing the City’s daily deposits as well as staffing needs in the administration of the City’s cash assets. JPMorgan Chase has been a good partner for the City of Mansfield, Texas, in meeting the needs of its depository requirements. JPMorgan Chase’s banking team has worked well with the City’s Staff and has provided and offered solutions in integrating the City technological and safekeeping requirements maintaining the City’s deposits. Aside from the City’s demands in keeping its deposits, JPMorgan Chase has offered other services such as underwriting and investment services tha...
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