Saturday, September 10, 2016

Fort Thomas Teams Up with 5/3 Bank

BB&T. FTM file. 
This past July, the members of the Financial Committee of Council met with the city administration to review banking service bids they had received early in the month.

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.

No comments:

Post a Comment