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

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Account Proposal Landmark Bank has established an Interest Bearing checking account designed for Non-Profit Organizations. Based on the volume provided in your RFD' we'are pleased to offer you the following checking account: · Interest beating account based on the 90 Day T.BilI rate. The current rate is 3.44% and it changes monthly · Interest is paid on balances over $150,000.00. · To receive the rate stated above the City will need to maintain $1,000-,000.00 on a monthly average in this account. Daily balances maintain below this amount will receive less interestL Based our conversations with staffthis is highly uni/kely and therefore Bank is not at this point quoting that rate. · No monthly service charge or per item fees. · No charge for Wke Transfers. · No charge for Internet bank/rig Independence Landmark Community Bank currently has one certificate of deposit with the City of Ramsey in the amount of $259,842.00. Outside of this account there is no- other business, family, or investment relationship with the CitY, appointed employees or department heads. The bank utilizes Regulation O for compliance for determining internal independence. Bank Profile. Financial Data Landmark Bank financial information can be. foUnd by accessing the following website www. fdic.gov.. After entering the sit~ you would enter UBPR where it says search the site and then press the Un/form Bank Performance Reports -The bank name to enter is Landmark Community Bank in Minnesota. The financial information for Landmark is compared against the performance of banks of ' similar size an~t branches~ They are known as the peer group. We have enclosed a copy of the latest report. Landmark Bank goal is to receive a fair return and offer Value to its client in the form of service and financial advice. -211-