To fulfill the City’s fiduciary responsibility and to protect public funds, each bank shall provide the following. a. Provide a link to the bank's audited financial statement for the most recent fiscal period. The bank will be required to provide an audited statement to the City each year of the contract period, as soon as it is available. Confirm agreement to this requirement. b. Provide certification of the bank’s Community Reinvestment Act (CRA) rating by its rating agency (summary information only). c. Provide the senior and subordinate debt ratings of the holding company. If ratings are not available, provide the bank’s most recent four quarters rating from an independent rating agency such as Highline, Veribanc, or Best. The bank will notify the City within thirty (30) days of any change in any of these ratings during the contract period. Confirm agreement to this requirement. 2. Customer Service Service will be a primary focus of the City on a continuing basis. Describe the bank’s philosophy and approach to satisfying this need through the following responses. a. How will the bank satisfy the City’s need for superior customer service? How will the bank provide the City with relationship support for its services? b. Is there a formal process for escalation of problems/issues that are unresolved? How is service and overall contract performance monitored? c. How does the bank support the local community? d. How does the bank intend to support the new and ongoing automation needs of the City? e. Will the bank meet on a regular schedule with the City? f. Are there any new services anticipated that might serve the City? When are they to be available? g. Is the bank offering any transition or retention incentives? Describe fully and quantify completely. h. The City requires the right to use a third party auditor to review the City’s accounts, collateral, and bank records at any reasonable time. Confirm agreement with this condition.
