Specifications include, but are not limited to: To be considered for selection, proposing banks must meet the following requirements: Must be a United States-Chartered commercial banking institution that conducts business in California. A member of the Federal Reserve System and have access to all services. Maintain a branch in the City of Madera or near vicinity. Must be a qualified depository for public funds pursuant to California Government Code Section 53648. A Local Agency Investment Fund (LAIF) depository. Have a Community Reinvestment Act (CRA) rating of “Outstanding” or “Satisfactory” as determined by the appropriate regulatory body. The bank selected to perform banking services shall maintain a capital structure equal to or greater than the average of all moneys the City has with the bank during the term of the agreement pursuant to California Government Code Section 53638. Experienced in providing banking services to government organizations, preferably municipalities. The bank to which award is made shall execute a written contract with the City. If the bank to whom the award is made fails to enter into the contract, the City reserves the right to nullify the award and award may be made to the next best proposal as determined by the City.
