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Subject: (Direct Referral) Approval of the issuance of a resolution adopting an authorized list of public depositories for the City. (Res. 0336-18)
Recommendation of the Finance & Personnel Committee on 10/22/2018: Recommend the issuance of a resolution listing the following institutions as Public Depositories approved by the Common Council of the City of Racine:
Associated Bank
BMO Harris Bank (Bank of Montreal)
Community State Bank
Hometown Bank, Ltd,
Johnson Bank
JPMorgan Chase Bank, N.A.
Morgan Stanley Smith Barney, LLC
North Shore Bank
RBC Wealth Management (A Division of RBC Capital Markets, LLC.)
State of Wisconsin Local Government Investment Pool (LGIP)
TCF Bank
Town Bank (A Wintrust Community Bank)
Tri City National Bank
US Bank (Depository for Dana Investment Advisors)
Further Recommend that a New Communication from the Alderman of the 9th District be entered into Legistar to consider closing the City's current account with Wells Fargo Bank and barring them from being an approved Public Depository for the City of Racine.
Fiscal Note: Under Wis Stat 34.05(1) and the City's Investment Policy, the Common Council of the City of Racine shall, by resolution, designate public depositories to be used for the deposit of all public monies received by the City Treasurer.