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File Number: 19-487 interest to change banking to Bank of the West. Mayor Cutter stated that staff should work with Bank of the West in investing more funds into the City of San Leandro. City Manager Kay asked the Finance Committee if it is their recommendation to move forward with Bank of the West Both Mayor Cutter and Councilmember Hernandez said yes; Councilmember Lee would prefer to reopen the RFP. Committee Recommendation for City Council Consideration Finance Committee recommends going to City Council with the recommendation to move banking services from Wells Fargo to Bank of the West. 3. PUBLIC COMMENTS John Forney does not agree that this would be just a “statement”, moving away from Wells Fargo is more than just a message. Sara Bailey will be happy to leave Wells Fargo, she stated that bigger banks are going to be the least expensive. Would like to see the City stick with the core values in new investment policy. Wells Fargo has not changed their ways, according to a New York Times investigation. Virginia Madsen stated that the group that has been attending the Finance Committee meetings since 2016 has asked for the divestiture from Wells Fargo for over a year. She would like for the City to divest from Wells Fargo and be clear and have strength of their convictions. If the decision is to stay with Wells Fargo, have good reasons. David Bardoff agrees the City should leave Wells Fargo as it is more than just a message. Lawrence Abbot hopes the City decides to go with BNP (Bank of the West) as they are environmentally responsible. It is a small bank but it has different values than Wells Fargo or JP Morgan. Deborah Hirsch cited values in regard to climate change and leans towards Bank of West. 4. COMMITTEE MEMBER COMMENTS None 5. ADJOURN The meeting was adjourned at 6:58 p.m. Page 3 City of San Leandro Printed on 9/11/2019 39