Agenda - Council - 10/11/2005 - Laserfiche WebLink

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Village Bank's Goal: Village Bank is a community bank focused on customer service. Our growth is built on our philosophy of building and fostering relationships with our clients. As w/th any small business, Our goal cominues to be to excel at Pro¼ding super/or customer service. Our philosophy stems from our commitment to the communities we serve. We pride ourseIves on gert/rig to know-our customers~ Village B~ has operated in Anoka Comaty for over I3 yeai's, Om.owner, D°n Kv.¢ton, and. his family currentty tire .in Ramsey as do a number of our emptoydes. :Our board of directors :al:l live or work.~ An0ka'County and many have businesses in Ramsey and_.the surrounding areas. .Scope of Services: A. FDIC/FSLIC insurance on deposits: The bank carries FDIC insurance up to $100,000 for each depositor. Pledged Collateral to the city: We provide collateral for al/deposits of the. city.of a type and -irt the mount as required by Minnesota State law. We will provide you a statement at month end indicating deposit balances along w/th collateral pledged to the account. Wells Fargo pro.rides a month end report on all sectaries pledged including market valuation. Daffy "sweep" to money market checking, money m.arket sa~qngs, electronic' funds transfer (ACH for payroll), and other accounts as necessary.. We can offer daily sweeps from the City's checking account to other accounts at Village Bank. In addition we offer electronic funds transfer (ACH for payroll). D. Deposkory for federal withholding and F~CA taxes. We accept and process treasury .tax and loan deposits on a daily basis. Wire Transfer Services. We promptly process domestic wire transfers through the Federal Rose,we Bank and send written confirmations of al/wire transfers .within 24 hours, unless you prefer to make other arrangements such as a phone call. F. Interest compounded daily 'on money market accounts. lin our proposal, the account wi/1 accrue and compound interest daily. -204-