PORT TOWNSEND — Bank of America will continue to handle Jefferson County’s finances through December 2018, County Treasurer Judi Morris said Monday.
“Given all the criteria we looked at, my decision is to remain with Bank of America,” Morris said during a presentation to the county commissioners.
“They are providing excellent service for us, and my job is to provide the citizens of the county with the most cost-effective and efficient banking service.”
Morris met with a delegation from Occupy Port Townsend last September, hearing concerns about Bank of America and advocating handling county financial matters through a local bank.
In response, Morris issued a request for proposals instead of automatically renewing Bank of America’s contract.
BofA submitted the most favorable bid, so Morris extended the contract, she said.
Morris, who is elected, can renew a banking contract without issuing a request for proposals from financial institutions or presenting the matter to the commissioners, but she chose to do both voluntarily, Commissioner David Sullivan acknowledged.
“I want to thank Judi for coming here this morning, as well as listening to the public and considering other options,” Sullivan said.
Morris contacted 10 financial institutions that operate in Jefferson County and received responses from Bank of America, U.S. Bank, Union Bank and First Federal Savings, she said.
Those declining to bid or disqualified were Wells Fargo, Kitsap Credit Union, Kitsap Bank, Columbia Bank, Peninsula Credit Union and Chase Bank.
Morris said Bank of America provided the lowest bid and the most complete service package, charging $1,929 per month to handle a monthly balance that averages $1.5 million.
Port Angeles-based First Federal, the only Peninsula institution involved, sought $3,900 per month.
Union Bank bid $2,035 and U.S. Bank bid $2,029.
Morris said that electronic service was an important criterion because a bank needs to be able to immediately credit deposits and provide an accurate balance at all times.
The county does not have any investments with Bank of America, she said.
While Bank of America was the lowest bidder, it would not have been considered if it did not provide all the necessary services, she said.
Jefferson County Reporter Charlie Bermant can be reached at 360-385-2335 or at charlie.bermant@peninsuladailynews.com.
