|BB&T. FTM file.|
The committee discussed the results of the RFP submitted to US Bank, 5/3rd Bank, Chase Bank and Citizens Bank in June. Of the four, 5/3rd was the only bank to submit a bid. The remaining banks, citing the difficulty of providing collateralized accounts and corporate wishes, declined to submit a proposal.
Fifth Third Bank's proposal includes all current services provided by BB&T, plus some additional services not provided by them. The proposed fee structure also compares favorably to BB&T. Most importantly, 5/3rd is still a local bank that the city feels will give better customer service than they have received since the BB&T acquisition of The Bank of Kentucky.
Taking into consideration the difficulty of the transition from The Bank of Kentucky to BB&T, as well as the city's previous relationship with 5/3rd Bank, it was the recommendation of the Finance Committee that the Council accept the proposal that was submitted by 5/3rd. This change will go into effect as of August 1, 2016.