HomeMy WebLinkAboutPR 17487: DESIGNATING PRIMARY BANK DEPOSITORY Memorandum
City of Port Arthur, Texas
Finance Department
To: Floyd Johnson, City Manager
From: Deborah Echols, Director of Finance
Date: January 22, 2013
Subject: Proposed Resolution 17487
Presented for Council consideration and approval is Proposed Resolution 17487, which designates Capital
One Bank, N.A., as the primary depository for the City of Port Arthur, and authorizes the City Manager to
execute a Bank Depository Services Agreement with the bank and authorizes the Director of Finance, and
City Secretary when necessary, to execute all required documents to implement the agreement.
Pursuant to the Chapter 105 of the Local Government Code, the City is required to solicit proposals for
banking services at least every five years. On November 7, 2012, we received applications from five
banks.
The applications were evaluated based upon criteria developed from the Request for Applications (RFA).
We received five competitive bids. Based upon our evaluation of the costs, services to be provided, and
community reinvestment activity, we recommend Capital One Bank, N.A., to serve as our primary
depository, over the proposals from Chase Bank, Wells Fargo Bank, Community Bank, and BBVA
Compass Bank.
The initial agreement is for a two year period, with three one year extension options at the City's option,
under the same terms and conditions. The agreement is effective April 1, 2013, allowing both the City and
the Bank adequate transition time.
A recap of the Bank Depository Analysis provided by Valley View Consulting is attached as Exhibit A.
P. R. NO. 17487
DHE: 01/16/13
RESOLUTION NO.
A RESOLUTION OF THE CITY OF PORT ARTHUR, TEXAS, DESIGNATING A
PRIMARY BANK DEPOSITORY AND AUTHORIZING THE CITY MANAGER
TO SIGN AND EXECUTE A BANK DEPOSITORY SERVICES AGREEMENT
WITH CAPITAL ONE BANK, N.A. AND TO AUTHORIZE THE DIRECTOR OF
FINANCE AND CITY SECRETARY TO EXECUTE ALL DOCUMENTS
NECESSARY TO IMPLEMENT THE CONTRACT TO BE EFFECIVE APRIL 1,
2013.
WHEREAS, on April 3, 2012, the City Council authorized the execution of a professional services
agreement with Valley View Consulting, LLC (consultant) for the purpose of assisting the City in selecting
and recommending a primary Depository Bank for approval by City Council; and,
WHEREAS, the City of Port Arthur, Texas (Cit37) received applications in the manner required by
state law for depository services on Monday, November 7, 2012; and,
WHEREAS, the City Council has been furnished a copy of the consultant's report and recap of the
responding banks' applications, which is attached hereto as Exhibit "A' and made a part hereof for all
purposes; and,
WHEREAS, the City Council of the City, in the exercise of its discretion, determined that the
application submitted by Capital One Bank, N.A. represented the "best value, offering the most favorable
terms and conditions for the handling of the City's funds; now therefore;
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PORT ARTHUR:
Section 1. The facts and opinions in the preamble are true and correct.
Section 2. The City does hereby designate Capital One Bank, N.A. as the Primary Depository of
the City.
Section 3. The Capital One Bank, N.A. application as recapped in Exhibit "A'is accepted, with the
new depository contract commencing on April 1, 2013.
Section 4. The City Manager is hereby authorized to execute a Depository Services Agreement
with Capital One Bank, N.A., according to the terms of their application.
Section 5. The Director of Finance, along with the City Secretary when necessary, is hereby
authorized to execute all documents to implement the services set forth in the agreement on behalf of the
City.
Section 6. The initial agreement is for two years, with the City having the option to extend the
agreement for three additional one year periods, under the same terms and conditions.
Section 7. A copy of the caption of this Resolution shall be spread upon the Minutes of the City
Council.
READ, ADOPTED, AND APPROVED, this day of January, 2013, AD, at a Regular
Meeting of the City Council of the City of Port Arthur, Texas by the following vote:
AYES: Mayor:
Councilmembers:
NOES:
Mayor
ATTEST:
Sherri Bellard, City Secretary
APPROVED S TO 'RORM:
i$ J dill �t�.`
Val Tizeno, City Attel
APPROVED FOR AVAILABILITY OF FUNDS:
- /
Deborah Echols, Director of Finance
APPROVED FOR ADMINISTRATION:
Floyd Johnson, City Manager
EXHIBIT "A"
VaI19 View Consulting, L.L.C.
January 10, 2013
Ms. Deborah Echols, CPA
Director of Finance
City of Port Arthur
444 4 Street
Port Arthur, TX 77641
Dear Ms. Echols:
Thank you for the opportunity to assist the City of Port Arthur (the "City ") with this Bank
Depository Services Request for Applications (the "RFA ") project.
The objective of this engagement was to select a primary depository bank following the
expiration of the current contract which ends March 31, 2013, with no remaining options for
extension.
Procedure
The primary depository bank project proceeded as follows:
The project began with the establishment of a Calendar of Events to ensure that the required
project steps were performed in a timely and sequential manner.
The process for selecting a depository bank is governed by the State of Texas Government Code
and Local Government Code: Chapter 105 Municipal Depository Act; Chapter 176 Conflict of
Interest Act; Chapter 2256 Public Funds Investment Act; and Chapter 2257 Public Funds
Collateral Act.
In addition to complying with these State statutory requirements, it was necessary to understand
and comply with the City's financial and purchasing policies and Investment Policy.
The RFA procedure was conducted as follows:
1. Analyzed historical bank service usage and balance records.
2. Reviewed the minimum banking services and potential additional services.
2428 Carters Mill Road, Huddleston, VA 24104 -4003
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Valley View Consulting, LL.G
Page 2 of 6
3. Developed a list of potential financial institutions located within municipal boundaries:
a. BBVA Compass
b. Capital One Bank
c. Community Bank of Texas
d. JPMorgan Chase
e. Orange Savings Bank
f. Texas First Bank
g. Wells Fargo Bank
4. Contacted the financial institutions to confirm distribution information, describe process,
and identify the designated recipient.
5. Drafted the RFA for City staff review and approval.
6. Advertised as required.
7. Distributed the RFAs to the identified and receptive financial institutions.
8. Contacted each financial institution to ensure RFA receipt, confirm the date and time of
the pre - application conference, and the deadline for receipt of applications.
9. Held a non - mandatory pre - application conference that was attended by representatives of:
a. BBVA Compass
b. Capital One Bank
c. Community Bank of Texas
d. JPMorgan Chase Bank
e. Wells Fargo Bank
10. No additional RFA requests were received as a result of the advertisement.
11. By the deadline, five applications were received:
a. BBVA Compass Bank
b. Capital One Bank
c. Community Bank of Texas
d. JPMorgan Chase Bank
e. Wells Fargo Bank
This process provided a competitive environment with five banks responding. The evaluation of
the applications was based on, but not limited to, the following criteria, in no particular order of
priority:
1. Ability to perform and provide the required and requested services,
2. Reputation of applicant and quality of services,
3. Cost of services,
4. Funds availability,
5. Interest paid on interest bearing accounts and deposits,
6. Earnings credit calculation on account balances,
2428 Carters Mill Road, Huddleston, VA 24104 -4003
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Val{ey View Consulting, L.L.C.
Page 3 of 6
7. Completeness of application and agreement to points in the RFA,
8. Physically located within the City's boundaries,
9. Convenience of locations,
10. Community Investment Activity,
11. Previous service relationship with the City, and
12. Financial strength and stability of the institution.
Response Analysis
The analysis began with an overall review of each bank's general financial strength and ability to
provide the bank services necessary to meet the City's current and future service needs. Each of
the responding banks exhibited acceptable financial strength and adequately passed the bank
service test. Attached is the Bank RFA Analysis.
Fees
Each bank's fee schedule was analyzed based on the City's banking service needs and estimated
activity levels. The banks offered various waivers, credits and incentives. Capital One Bank
proposed a waiver of six months of fees estimated at $27,414, free physical deposit materials for
the life of the contract, and a waiver of all FDIC fees. Wells Fargo Bank offered a $2,500 credit
toward the cost of checks and deposit slips, and tamperproof deposit bags for the first year at no
cost. Chase Bank proposed a $1,000 credit toward the cost of supplies and one Check Scanner at
no charge. BBVA Compass offered tamperproof deposit bags and one Check Scanner at no
charge. Community Bank offered no transition incentives. Where quantifiable, the value of the
waivers, credits and incentives are reflected in the Estimated 2 Year and 5 Year Fees in the
following table:
Est. Monthly Fees Est. 2 Year Fees Est. 5 Year Fees
Capital One Bank $ 4,569 $ 82,243 $ 246,728
Chase Bank $ 4,706 $ 111,949 $ 281,372
Wells Fargo Bank $ 5,031 $ 118,253 $ 299,383
Community Bank $ 6,533 $ 156,801 $ 392,003
BBVA Compass Bank $ 6,719 $ 161,248 $ 403,120
Earnings
The City recognized that in addition to bank service charges, the bank's desire to pay for bank
balances augments a relationship. Those balances fluctuate month -to -month and within
individual months. Therefore, attractive bank- originated interest earning options are important.
There are two potential earnings sources: soft - dollar earnings credit and hard - dollar interest.
Earnings credit generates "soft- dollar earnings" that can only be used to offset banking fees.
Earnings credit amounts that exceed the applicable fees are not paid to the City as interest.
2428 Carters Mill Road, Huddleston, VA 24104 -4003
540.297.3419
Valley View Consulting, LL.C.
Page 4 of 6
"Hard- dollar" interest is the normal type of earnings that can be used to pay service charges or
may be credited to the City's accounts. Earnings above the applicable service charges are kept
by the City as earned interest income. Earnings credit, hard- dollar interest, or a combination of
the two, can be used to offset any services charges.
The City's recent monthly average bank balances approximate $15,000,000 so for the analysis,
each bank's potential earnings credit was compared to the hard - dollar interest. The better option
was then optimized to offset the greatest amount of banking fees. Where appropriate, once the
City's target compensating balance generated enough earnings credit to offset most fees, any
excess balance was assumed to be invested in that bank's most attractive hard - dollar interest
earnings alternative. Where the City could benefit from the interest options provided, the target
balance was optimized to take advantage of the increased opportunity.
As an example, the Wells Fargo Bank analysis with $8,550,000 in compensating balances to
offset fees is as follows:
Fees
Estimated Monthly Fees = ($5,031)
Two Year Accumulated Fees = ($120,753)
Five Year Accumulated Fees = ($301,883)
Less Incentives = $2,500
Net Two Year Fees = ($118,253)
Net Five Year Fees = ($299,383)
Earnings Credit ( "soft- dollar" interest)
Earnings Credit Rate = 0.69% (No Floor)
Target Compensating Balance = $8,550,000
No Reserve Requirement
Monthly Earnings Credit = $4,916
Two Year Earnings Credit = $117,990
Resulting Two Year Net Fees (Cost) = ($263)
Five Year Earnings Credit = $294,975
Resulting Five Year Net Fees (Cost) = ($4,408)
Interest Earnings ( "hard- dollar" interest)
Interest Rate = 0.15% (No Floor)
Investable Balance = $6,450,000 ($15,000,000 — $8,550,000)
Monthly Interest Income = $806
Two Year Interest Income = $19,350
Five Year Interest Income = $48,375
2428 Carters Mill Road, Huddleston, VA 24104 -4003
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Valley View Consulting, L.L.G.
Page 5 of 6
Net Income Two Year Five Year
Interest Earnings $ 19,350 $ 48,375
Less: Net Fees (263) (4,408)
Net Income (Cost) $ 19,087 $ 43,967
It should be noted, that with the exception of Community Bank with the same rate and the better
interest bearing option because of the reserve requirement, the earnings credit rate was higher and
a better choice for the allocation of the optimum balance than the "hard- dollar" interest bearing
option.
Compiling similar data for all of the proposing banks generates the following:
Est. Net Two Est. Net Five
Year Year
Income /(Cost) Income /(Cost)
Capital One Bank $ 40,250 $ 62,022
BBVA Compass $ 17,600 $ 44,000
Wells Fargo Bank $ 19,087 $ 43,967
Chase Bank $ 16,529 $ 39,822
Community Bank ($ 82,301) ($ 205,753)
It should be noted that in the case of BBVA Compass, their application requires that the City
maintain deposits of $15 million in non - interest bearing deposits to obtain the 0.80% earnings
rate and the proposed fees. This results in excess earnings credit of $78,752 and $196,880 for the
two year and five year terms, respectively. The excess is lost to the City and solely benefits
BBVA Compass. Further, their application requires $8 million in interest bearing accounts
which earns the least attractive rate of 0.11% (one month LIBOR minus 0.10 %). The BBVA
Compass analysis results are based on $23 million in deposits, versus the $15 million for the
other banks. BBVA Compass also placed a cap of $50,000,000 on the total deposits of the City.
Recommendation
The proposed fees, earnings credit, and interest comparisons highlight the range of bank
responses and confirm the competitive environment of the RFA process. From the results of the
applications analysis and with the projected economic advantage, Capital One Bank emerged as
the recommended applicant for selection. For assurance that Capital One Bank has the
capabilities to provide the required and requested services, a presentation and on -line system
demonstration was conducted and references were checked. There will be some transition effort
associated with entering into a primary depository relationship with Capital One Bank.
2428 Carters Mill Road, Huddleston, VA 24104 -4003
540.297.3419
Valley View Consulting, LL.C.
Page 6 of 6
Based on the City's evaluation criteria listed above and the preceding financial analysis, we
concur with staff's findings that Capital One Bank represents the "best value" to the City. The
contract term is two years, commencing April 1, 2013, with three additional one -year extension
options at the City's discretion.
Please contact Tom or me to discuss any questions or additional information needs. Thank you
for this opportunity to serve the City.
Sincerely,
William J Koch
Valley View Consulting, L.L.C.
972.682.6900 (direct)
Attachment
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2428 Carters Mill Road, Huddleston, VA 24104 -4003
540.297.3419
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