14. GENERAL BANKING SERVICES For the past 45 years, the City has contracted with Bank of America for general banking services. GFOA recommends that governments review their financial services contracts every five years to obtain market competitive rates and to take advantage of service enhancements. In connection with a competitive procurement process and based on the advisement of the Audit Commission, it is recommended that the City enter into an agreement with Citizens Business Bank to provide general banking services, which is to yield approximately $45,700 in annual savings. - City of Tustin, CA

Meeting: Regular Meeting of the City Council/ Closed Session at 5:30 pm/Regular Meeting at 7:00 pm

Meeting Time: May 17, 2022 at 5:30pm PDT

Agenda Item

14. GENERAL BANKING SERVICES For the past 45 years, the City has contracted with Bank of America for general banking services. GFOA recommends that governments review their financial services contracts every five years to obtain market competitive rates and to take advantage of service enhancements. In connection with a competitive procurement process and based on the advisement of the Audit Commission, it is recommended that the City enter into an agreement with Citizens Business Bank to provide general banking services, which is to yield approximately $45,700 in annual savings.