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Finance Department <br /> <br />April 13, 2004 <br /> <br />To: Board of Commissioners <br /> <br />From: Pamela S. Dubois, Deputy County Manager <br /> <br />Subject: Banking Services <br /> <br />Cabarrus County has been banking with Wachovia Bank since November 1997. Prior to this date, the <br />County banked with First Charter National Bank. Both banks during their tenure with the County have <br />provided excellent service to the County. The last evaluation of banking services took place in the fall of <br />1997. <br /> <br />The Finance department upon request initiated a request for proposal for banking service to be effective for <br />the term of July 1, 2004 until June 30, 2006. Seven banks within a 10-mile radius responded to our request <br />for proposal. Three methods of evaluation were used: minimum monthly service charge, average daily <br />collected balance, and non-interest bearing certificate of deposit. The County selected the average daily <br />collected balance method and chose Bank of America for our new bank. A clerical error was made on their <br />bid, which stated that the average daily collected balance would only need to be $203,984 for the two-year <br />period. The next bank closet to this figure was $1,275,000. After a conversation with the representative <br />fi.om Bank of America, the bank chose to stand behind their error and leave their bid in for consideration. <br />To the County's advantage, we elected to select Bank of America. We are looking forward to a new <br />banking relationship with Bank of America, which will begin July 1, 2004. <br /> <br />,NORTH CAROUNA <br /> <br /> F~nance Department <br />P.O Box 707 · Concord, NC 28026-0707 · 704-920-2104 · www cabarruscounty us <br /> <br /> <br />