TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: Javier Carcamo, Finance Director
PREPARED BY: Cynthia Rockwell, Purchasing and Contracts Coordinator
SUBJECT:
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Agreement with J.P. Morgan for General Banking and Procurement Card Services
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RECOMMENDATION
recommendation
Approve a five year agreement for general banking and procurement card services provided by JPMorgan Chase Bank, N.A., with the option of two (2) one-year extensions; and
Authorize the City Manager to execute the agreement and all other necessary documents to implement banking products and services.
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PRIOR ACTION/VOTE
On September 6, 2016, the City Council approved Resolution No. 16-3615, approving a five-year agreement with Wells Fargo (Vote: 5-0).
CITY COUNCIL GOAL
Maintain a high performing organization that values fiscal sustainability, transparency, accountability and organizational efficiency.
BACKGROUND
On October 28, 2015, staff issued a formal Request for Proposal for banking services and received two (2) proposals. After evaluating those proposals, Wells Fargo was chosen as the most qualified firm to handle the City of Murrieta's (City) general banking needs.
On September 6, 2016, the City Council approved Resolution No. 16-3615, approving a five year agreement with Wells Fargo. Two (2) amendments extended the term of the Wells Fargo agreement. The first amendment extended the term period from 2021 through 2023. The second amendment extended the term period from 2023 through 2025, which is set to terminate on September 5, 2025.
On February 4, 2025, a formal Request for Proposal (RFP) was published by the City's Finance Department for a General Banking, Merchant Services, and Purchasing Card Program. The City received six proposals in response to the RFP. The six firms that responded are listed below, in alphabetical order:
1. HCN
2. JP Morgan Chase Bank, N.A., (J.P. Morgan)
3. Pacific Premier Bank
4. PNC
5. US Bank
6. Wells Fargo
The pro...
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