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HomeMy WebLinkAboutAddendum to Contract - 1st Source Bank - 2019 Banking Services Renewal1316 COUNTY -CITY BUILDING 227 W. JEFFERSON BOULEVARD SOI ITH BEND_ INDIANA 46601-1830 186 CITY OF SOUTH BEND PETE BUTTIGIEG, MAY BOARD OF PUBLIC WORKS March 26, 2019 Brett Bauer 1" Source Bank PO Box 1602 South Bend, IN 46634 RE: Addendum to Contract Dear Mr. Bauer: PHONE 574/235-9251 FAx 574/235-9171 The Board of Public Works, at its meeting held on March 26, 2016, approved the above referenced addendum regarding the 2019 banking services renewal from April 1, 2019 to March 31, 2021. Enclosed please find a copy of the agreement for your records. If you have any further questions regarding this matter, please call this office at (574) 235- 9251. Sincerely, Linda M. Martin, Clerk Enclosure GARY A. GILOT GENEVIEVE MILLER ELIZABETH A. MARADIK LAURA O'SULLIVAN THERESE J. DORAU March 8, 2019 Mr. Daniel Parker, City Controller City of South Bend 227 W. Jefferson Blvd. South Bend, IN 46601 Dear Mr. Parker: it'llsource.,, P.O. Box 1602 South Bend, Indiana 46634 1st Source Bank is pleased to present the following as an addendum to the current contract for continued banking services for the period April 1, 2019 through March 31, 2021. Interest Rate: Fed Funds Effective Rate' +24 basis points +25 basis points Account Fees: We are proposing the following updates to the Business Banking Online fee structure: o The first 1,500 items free for the'per detail transaction charge' will decrease to 1,000. (This change is being implemented because of a new bank -wide fee structure that is being put In place which coincides with our new Treasury Services system.) This is estimated to affect your account with an approximate $20 per month increase. To offset this change, we are lowering the following 2 items so that you will not be negatively impacted: ■ Monthly Reporting Per Account (2 free): 2 free now 4 free. Monthly Reporting Per Account (2 free): $5.00 down to $3.00. Lastly, the Bank is not required to pledge collateral to the Public Deposit Insurance Fund. If the Bank is required by the Public Deposit Insurance Fund to post collateral or obtain a Letter of Credit from the Federal Home Loan Bank of Indianapolis and the City elects to maintain balances above the FDIC insurance, the Bank retains the option to request that the excess funds above the FDIC insurance be removed from the Bank. The lock box services contract will be under a separate agreement. This agreement may be terminated without just cause by either party with 90 days prior written notice. Sincerely, Brett A. Bauer Senior Vice President Chief Investment Officer Funds Management Dlvision 1 As published in the Federal Reserve H.15 report . P N. .. Beard (A Puwk works City of South Bend Proposed Fee Structure tfect'ive 411117 Effective 4/1/19 Current Charge I Proposed Charge nt maintenance $ 7.00 $ 7.00 s Paid $ 0,04 $ 0.04 its Posted $ 0.12 $ 0,12 Deposited $ 0.05'_$__ 0,05 :redits - Received $ 0.05 $ 0.05 iebits - Received $ 0.05 $ 0.05 Dep Item - Redeposit $ 5.00 $ 5.00 Dep Item - Chargeback $ 5.00 $ 5.00 canny p ,y Wires Transfer Outgoing $ 7.00 ' $ 7.00 Check Image $ $ Vault Deposit..____," $ 1.00 $ 1.00 CD-ROM Each Addl Acct $ 5.00 $ 5.00 Remote Deposit Maintenance $ 45,00 $ 45.00 Remote/Mobile Deposits Posted $ 0,12 0.12 BOARD OF PUBLIC WORKS AGENDA ITEM REVIEW REQUEST FORM Date 3/13/19 Name Daniel Parker Department A & F BPW Date 3/26/19 Phone Extension 235-9882 dMdNWdwVMONM A .......................... ........ �..... ..»............r. _.........,.. ._,._... 11e��rr� Prior to Submittal to Board BPW Attorney ❑ Attorney Name Catherine l�anello Dept. Attorney ❑ Attorney Name Purchasing ❑ Elliot Anderson Michael Schmidt Check the A �prol�riatu Item °1' le m' l L� .....��... .�� Professional l Services Agreement M Contract Open Market Contract © Amendment/Addendum Bid Opening ❑ Bid Award Quote Opening ❑ Quote Award EJ Proposal Opening C/O & PCA No. E] Chg. Order, No. Traffic Control Other: l cttr„. Information All Submissions Proposal Special Purchase, QPA Req. to Advertise Reject Bids/Quotes PCA Resolution Ease./Encroach ❑ Title Sheel Company or Vendor Name lst Source Bank ®es YIf YA es, PProved b Y Purchas ing New Vendor 0 No MBE/WBE Contractor ❑ [ WBE Completed E-Verify Form Attached � Yes [] No Project Name 2019 1" Source Bank Banking Services Renewal Agreement Project Number None Funding Source .......... ............................ ......w� ....... None Account No. None Amount $ None Terms of Contract Renewal of banking services agreement with 1st Source Bank �� .W__... for atwo- year period starting April 1, 2019 through March 31, 2021. Account fees are netted against investment earnings. Interest earnings and account fees are stated in the attachd roposal. Purpose/Description ......... For Ittttge Orders fail Amount of ❑ Increase $ m�mmmm ITIT_ ❑ Decrease $ Previous Amount $ .......... .. _..�.......................... Increase % Current Percent of Change: Decrease %)m... .. ......_...._..�a.�.,_, New Amount _ $ Increase % Total Percent of Change: .... ... Decrease Time Extension Amount: New Completion Date m....... ��_ ..