Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Sandie Arnott, Treasurer - Tax Collector
Subject: Amendment to Agreement with U.S. Bank, N.A. for depository and full-service bank services
RECOMMENDATION:
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Adopt a resolution authorizing an amendment to the Agreement with U.S. Bank, N.A. to provide depository and full-service bank services, extending the term by two years through June 30, 2027, with no change to the not to exceed amount of $2,000,000.
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BACKGROUND:
In March 2022, the Treasurer - Tax Collector issued a Request for Proposal (RFP) for depository and full-service bank services to ensure competitive pricing and efficient service. Union Bank/MUFG was selected as the successful proposer after careful evaluation.
On July 1, 2022, the San Mateo County Treasurer's Office entered into an agreement with Union Bank/MUFG to provide depository and full-service bank services (Resolution # 078963).
U.S. Bancorp (U.S. Bank) completed an acquisition of Union Bank/MUFG on December 1, 2022, and completed a conversion into U.S. Bank on May 29, 2023. Since the acquisition, U.S. Bank has delivered services leveraging its industry-leading depository expertise, while maintaining the economic terms of the original agreement with County.
U.S. Bank has provided excellent services including, but not limited to, account analysis, account reconciliation, business checking, check processing, information reporting, wire transfers, web-based banking solutions, and lockbox services. In addition, U.S. Bank provides a $200 million daylight overdraft line, offering a necessary cushion for the Treasurer to settle County's daily liability activities. U.S. Bank's specialized Government Services Group provides customer service, with a dedicated staff that understands the unique needs of government agencies.
DISCUSSION:
The Treasurer - Tax Collector acts as the County's banker and is charged with ma...
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