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City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, Florida 33160 <br />(305) 947 -0606 City Hall <br />(305) 949 -3113 Fax <br />MEMORANDUM <br />TO: The Honorable Mayor and City Commission <br />FROM: Christopher J. Russo, City Manager <br />DATE: 6/19/2014 <br />RE: Resolution to Approve Banking Services with TD Bank <br />RECOMMENDATION: <br />It is recommended that the City Commission approve the attached Resolution <br />awarding a five -year agreement with TD Bank, with one five -year renewal option <br />for banking services. <br />REASONS: <br />The City requires banking services to handle operating cash which includes, but <br />is not limited to, deposits, check payments, payroll checks, ACH processing, wire <br />transfers, and corporate credit cards. The City currently uses BB &T to service <br />the City's banking needs but the agreement and terms originally negotiated with <br />BB &T expired April 30, 2014 and they chose not to submit an RFP response. <br />The City published a Request for Proposal for Banking Services. The three <br />responding institutions were Citibank, TD Bank and SunTrust Bank. Please see <br />attachment for comparisons and rationale in the selection and recommendation <br />of TD Bank. <br />ATTACHMENTS: <br />• Recommendation for Banking Services <br />• Resolution <br />Agenda Item No. IOA <br />Date 6/19/2014 <br />51 <br />