Clatsop County staff is recommending to the County Board that they approve a full-range banking approach by transferring all accounts and services to U.S. Bank while suggesting investment in a local bank and a credit union. In a staff memo attached to the board's agenda for the March 27th meeting it is noted that the board had requested a request for proposals for banking services and three banks responded including Wells Fargo, Clatsop Community Bank, and U.S. Bank. The staff reports that six criteria were used in scoring the proposals and U.s. Bank came in with the highest score in the areas of cost of services, overall services offered, financial strength and stability, demonstrated experience and qualifications, cost and effort to implement, and references. It was noted that if the board were to decide to use Clatsop Community Bank then reporting requirements to the State would increase as the Bank does not meet the County collateralization requirements. Additionally, Clatsop Community Bank can not yet provide "lockbox" deposit services which would require the County to use another bank for that service thus increasing service fees The report states that while providing required services, U.S Bank offers additional services that while not a requirement of the RFP are desirable for county staff to have access. On April 1 of this year the State of Oregon will implement a change in it's requirements that will allow qualifying credit unions to be considered for use as depositories for local governments. The report states that Wanna Federal Credit Union would be the only one to qualify under the new rules.
Staff suggests that the Commission approve the U.S. Bank proposal but also suggests the commission approve the purchase of certificates of deposit with both Clatsop Community Bank and Wanna Federal credit Union in the amount of one million dollars each. The matter comes before the County Board on March 27th.