City May Move Finances to U.S. Bank

The city of Elk Grove could soon be storing its cash at a new bank.

The Elk Grove City Council this week will discuss moving the city's finances to U.S. Bank.

According to a staff report, the move would be for at least three years, and won't cost the city anything: the bank's nearly $10,000-a-year fees would be offset by interest and fees being waived by U.S. Bank.

Bank of America's four-year contract with the city expires this year, and city staff asked 16 local banks to submit proposals to provide services. Eight did, and U.S. Bank scored best on a scale that compared fees, interest rates, public sector experience and other areas.

In January, .

But Elk Grove Finance Director Brad Koehn told the Elk Grove Citizen in April that despite the city's search for banking proposals, it wasn't displeased with Bank of America's services.

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Elk Grove City Council meeting
6 p.m. Wednesday
8400 Laguna Palms Way

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