City Council Agenda
Memo to:
Manteca City Council
From:
Matthew Boring, Finance Director
Date:
November 18, 2025
Subject:
Approve a Contract for Banking Services
Recommendation:
title
Approve a contract with JP Morgan Chase Bank to provide professional banking services for three years, with two one-year extensions, and authorize the City Manager to sign all necessary banking documents.
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Background:
The City last considered its banking partnership in 2016, when the City issued the previous Request for Proposal (RFP) in January 2016 and the Council awarded the current agreement in February 2016. To ensure the City is receiving the best services and rates possible, staff released a new RFP in April 2025. There were six responses to the RFP before the revised June 25, 2025, deadline. All responses were reviewed and ranked by a team that included staff from the Finance Department, Human Resources Department, and the City Manager's Office. Staff reviewed and ranked the responses based on set criteria, including the completeness of the proposal, experience and capability of the financial institution, scope of services, and the bank's proposed approach to the conversion. The top three candidates were invited to an interview with the City.
After the interviews, the staff determined that JP Morgan Chase Bank should be offered a three-year contract with two additional one-year extensions. Among the qualifications that stood out to staff were JP Morgan Chase Bank's ability to meet the City's needs for banking services, its capacity to provide excellent customer service, and more favorable fees and interest rates compared to those from other proposals. Based on our average transaction history, there is an anticipated positive net impact to the City exceeding $390,000 per year over our current fee structure and interest earnings rate. JP Morgan Chase Bank's proposal was over $130,000 per year more advantageous to the City than the closest competitor's p...
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