Rhea Rivera, CGFM

Director Financial Services

Renewal of Banking Services Agreement with Wells Fargo

Issue Statement: The City of Oakland Park entered into a Treasury Management/Banking Services contract with Wells Fargo following the award of Request for Proposals (RFP) #022321.  The original agreement was for an initial five-year term, with five additional one-year renewal options. The current agreement expires on June 30, 2026.

Wells Fargo has provided banking and treasury management services to the City during the initial contract term. Staff is requesting approval to renew the agreement for an additional one-year term in accordance with the renewal provisions of the agreement.   Four one-year terms will remain after this renewal.

Recommended Action: Adopt a resolution approving the renewal of the banking services agreement with Wells Fargo for a one-year term, beginning July 1, 2026, and ending June 30, 2027, and granting authority to the City Manager and Director of Financial Services to approve amendments to the contract, as appropriate, to meet future treasury operational needs of the City.

The City currently utilizes Wells Fargo for banking and treasury management services. These services support the City’s daily financial operations, including account management, deposits, electronic payments, wire transfers, ACH services, positive pay, online banking, account analysis, and other related banking functions.

The original agreement was awarded after a competitive solicitation process. The City received proposals from Synovus, JP Morgan Chase, and Wells Fargo. The City’s evaluation committee, assisted by PFM Asset Management as technical advisor, reviewed the proposals, conducted an initial evaluation, and invited the proposers to present their online banking services platforms and answer questions. Wells Fargo was the consensus recommendation from the committee.

The agreement provided for an initial five-year term with five additional one-year renewal options. Staff has reviewed the services provided under the agreement and recommends exercising the first one-year renewal option to maintain continuity of banking services.

Staff has also reviewed the proposed renewal pricing provided by Wells Fargo. Based on the March 2026 analysis statement, the proposed contract renewal would increase monthly activity charges from approximately $3,683 to $3,889, or $2,472 annually.

The renewal will allow the City to continue receiving banking and treasury management services from Wells Fargo under the terms of the existing agreement, subject to any approved renewal documents or pricing adjustments.

The renewal of this agreement includes a revised pricing schedule (see Exhibit A). The City's pricing for banking services has not increased in five years. While certain individual service rates will increase under the renewal, many line-item charges remain unchanged. The average rate change across all items is approximately 5.5%.

Based on the City’s current activity volume, the revised pricing is estimated to increase banking service costs by approximately $206 per month, or $2,472 annually. The increase is not considered material to the overall cost of banking services, and funding is available within the FY 2026 Adopted Budget of the Financial Services Department.

Adopt a resolution approving the renewal of the banking services agreement with Wells Fargo for a one-year term, beginning July 1, 2026, and ending June 30, 2027, and granting authority to the City Manager and Director of Financial Services to approve amendments to the contract, as appropriate, to meet future treasury operational needs of the City.