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027 <br />EE COUNTY <br />Committed Today for a Better Tomorrow <br />LEE COUNTY BOARD OF COMMISSIONERS <br />ITEM ABSTRACT ITEM NO. II. G.. <br />_ Information <br />Meeting Date: February 21, 2011 — Action Item <br />XX Consent Agenda <br />1] <br />0 <br />SUBJECT Banking Services with First Citizens Bank . <br />DEPARTMENT Finance <br />CONTACT PERSON Lisa G. Minter, Assistant County Manager /Finance Director <br />John Crumpton, County Manager <br />REQUEST Approval of extension of banking services agreement with First <br />Citizens Bank <br />SUMMARY First Citizens Bank has offered to extend the County's current <br />banking relationship through June 30, 2012. Currently, the bank <br />provides the County services in exchange for a non - interest bearing <br />CD in the amount of $206,000. This contract includes all banking <br />services except for lock box. The County normally reviews its <br />banking services contract every three years; however, with the <br />ongoing turmoil in the financial industry and extremely low interest <br />rates, we would like to take advantage of this offer from First <br />Citizens to extend our contract with them for one more year. We <br />have had a positive experience with First _Citizens over the last four <br />and a half years and feel that it would be prudent to wait a year to <br />solicit proposals to determine the standings of the various banks in <br />Lee County. <br />BUDGET IMPACT N/A <br />ATTACHMENT(S) Proposal from First Citizens <br />PUBLIC HEARING No <br />PRIOR BOARD ACTION N/A <br />RECOMMENDATION Approve extension of banking services with First Citizens Bank as <br />presented <br />