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Banking Services Request for Proposal October 16, 2007 Page 3 Again cost was weighted 30% of the overall scoring. The chart below depicts how each banking institution scored in comparison to the current charges the City pays based on a fixed level of service stipulated in the RFP. Currently, the City pays approximately $1,790 per month in general service charges, which excludes armored car services to Bank of America and the top six banks new cost proposal based on RFP are well below the current price. Current Monthly Bankin Cost Pxoposed Monthly Banking Cost Total Per Bid Item Total Monthl Cost Banking Institution Total Bid Per Item Total Monthly Cost 394.37 1,790.89 Bank ofAmerica 128.54 633.92 US Bank 289.33 917.07 Bank of the West 242.88 1,005.97 Fremont Bank 227.78 1,180.60 Union Bank 341.75 1,151.09 Wells Faro 388.79 1,695.20 The Evaluation Committee narrowed the selection to four new banking institutions (Wells Fargo, U.S. Bank, Union Bank and Bank of America) and held second interviews that included a local branch visit. After the 2°a interview, Wells Fargo and U.S. Bank ranked the highest in their overall ability to provide better products and services to the City. Although Bank of America had the lowest cost proposal, they were eliminated due to their weakness in client relationship with the City over the past years and offered no substantial change towards improving customer support and software and product training. Prior to the RFP process, staff had made numerous requests to Bank of America for areas such as audit and control reports, on-line statement support, ACH reporting and other improvements. Unfortunately, it took an RFP process for Bank of America to offer enhance products and services that would meet the current needs of the City. From our experience, the Evaluation Committee determined that Bank of America's service level would remain relatively unchanged. In comparison, the Evaluation Committee ranked Wells Fargo and U.S. Bank the highest and believed both banks could offer enhanced products, customer service, and training support. Wells Fargo and U.S. Bank also had the lower customer/client to Government Relationship Manager and Treasury Manager ratio and were believed by the Evaluation Committee to be the most reliable. CONCLUSION It is determined by the Evaluation Committee that the City would consider analyzing and evaluating bids from both Wells Fargo and U.S. Bank for fnal recommendation. G:~Banking~RFP~2007-Recommendation Staff report2.doc 10/11/2007