Bank of America Gets Municipal Account
The city this week picked a different financial institution: Bank of America.
Two financial institutions, Union Bank and Bank of America, submitted bids for the Laguna Hills account, which totals about $3 million. Following a staff recommendation, the City Council chose Bank of America, citing its expertise in handling government finances.
“They have an office in Costa Mesa that deals with government affairs,” Assistant City Manager Don White said. “There are a lot of legal requirements for banks when they deal with the public’s money.”
Laguna Hills keeps $300,000 to $500,000 in its checking account and typically has about $2.5 million more in certificates of deposit. City officials decided to seek bids for banking services earlier this year after Laguna Hills’ former bank, First Interstate, was acquired by Wells Fargo.
Council members asked the city staff to seek bids from banks with branches in Laguna Hills. Wells Fargo does not have such a facility.
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