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<br /> <br />Office of the County Manager <br /> <br />~ ~"' <br />~ <br />IORIH CAIIOUIIA <br /> <br />MEMORANDUM <br /> <br />To.: Bo.ard o.fCo.mmissio.ners <br /> <br />From: Pamela S. Dubo.is, Deputy Co.unty Manager <br /> <br />Date: April 11, 2006 <br /> <br />Re: Cash Management (Banking) Services Co.ntract Award <br /> <br />Cabarrus County is currently under a two year banking co.ntract with Bank o.f America <br />which expires June 30, 2006. In March 2006, the County extended proPo.sals to. ten <br />banks in the Cabarrus Co.unty area fo.r a 5 year co.ntract for banking services. Out o.f the <br />10 banks in receipt o.f the proPo.sal, 7 banks respo.nded with bids, o.ne declined, and two <br />were no.n-respo.nsive. There were three methods o.fpropo.sal: minimum mo.nthly service <br />charges, average daily co.llected balance, and a no.n-interest bearing certificate o.f depo.sit. <br /> <br />Based o.n all bids received, the best o.ption was o.ffered by First Charter. The metho.d <br />selected was average daily co.llected balance with a bid o.f zero balance for 5 years. <br />Ano.ther facto.r o.f the bid election process was customer service. The Finance Staff <br />perfo.rmed due diligence by interviewing the custo.mer service contacts, co.ntacting fo.ur <br />references and evaluating the banking so.ftware for daily processing o.ftransactio.ns. <br /> <br />The Co.unty also. had a previous banking relatio.nship with First Charter and the <br />relatio.nship ended o.n a po.sitive working relatio.nship. <br /> <br />Therefore, the staff reco.mmends awarding the co.ntract for banking services to. First <br />Charter. <br /> <br />G--9 <br /> <br />* <br /> <br />CabarTus County. 65 Church Street, SE . Post Office Box 707 . Concord. NC 28026-0707 <br />Phone: 704-920-2100 . Fax: 704-920-2820 . www.cabarruscounty.us <br />