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<br />SUBJECT: <br /> <br />PAGE THREE <br />UPDATE ON BANKING SERVICES PROCUREMENT PROCESS <br /> <br />DATE: <br /> <br />MARCH 15, 2010 <br /> <br />interviews, the Committee determined that JP Morgan Chase and Key Bank omitted some <br />significant service costs within Exhibit A. This omission was due, in large part, to the <br />differences in how banks charge customers and the fact that the City cannot provide <br />transaction volumes for all the different methodologies. The proposal from First National Bank <br />appears to be the only proposal that includes all the costs for the City's basic banking services. <br /> <br />Therefore, the Committee recommends that staff begin negotiations with First National Bank. <br />However, during these negotiations, the Committee intends to continue the process of <br />evaluating Annual Cost of Services for JP Morgan Chase and Key Bank, as well as Great <br />Western Bank, Wells Fargo, and Bank of the West. If negotiations with First National Bank <br />prove unsuccessful, staff will shift negotiations to the "second best" proposal. <br /> <br />7 <br />