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GJ 8 <br />LEE COUNTY <br />©(D c)t3a G6) n <br />Committed Today for a Better Tomorrow <br />LEE COUNTY BOARD OF COMMISSIONERS <br />ITEM ABSTRACT ITEM NO. Il. E. <br />_ Information <br />Meeting Date: March 5, 2012 _ Action Item <br />M Consent Agenda <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 Citizens <br />Bank <br />SUMMARY First Citizens Bank has offered to extend the County's current banking <br />relationship through June 30, 2013. Currently, the bank provides the <br />County services in exchange for a non - interest bearing CD in the amount <br />of $206,000. This contract includes all banking services except for lock <br />box. The County normally reviews its banking services contract every <br />three years; however, with the ongoing turmoil in the financial industry and <br />extremely low interest rates, we would like to take advantage of this offer <br />from First Citizens to extend our contract with them for one more year. We <br />have had a positive experience with First Citizens over the last five and a <br />half years and feel that it would be prudent to wait a year to solicit <br />proposals to determine the standings of the various banks in 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 />