City of Lacey awards banking contract to First Citizens

The  City of Lacey has just signed an agreement with First Citizens Bank, to provide city banking services for the next five years.

In awarding the contract, Lacey Finance Director Troy Woo said the proposal from First Citizens Bank represents the combination of best interest earnings, lowest costs, most expected convenience for city staff, strongest financial strengths and best ability to meet the city’s banking needs.

Lacey will run approximately $105 million through the bank this year.    The contract is for five years.

The city sent request for proposal to all bank branches with a three and a quarter mile radius of Lacey City Hall.  They were asked to prepare a proposal that included a full range of banking services.

Each proposal was evaluated on certain criteria including legal, community involvement, completeness of proposal, financial strength and capacity, ability to meet requirements, expected convenience for city personnel and total costs to the city.

Ten responses were received and First Citizens Bank came out on top, Woo said.

The contract started on November 1.