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Agreement with JPMorgan Chase Bank, N.A. <br />For Depository Services ( "Banking Services ") <br />Page 3 <br />Evaluation Criteria: <br />1. Bank Qualifications — respondents were required be a qualified State or National public <br />depository, Federal Reserve Member, and be insured by the Federal Deposit Insurance <br />Corporation. Respondents were required to be adequately capitalized to accommodate the <br />City's cash and investment management needs and to have a full - service branch located <br />within or immediately adjacent to the City of Santa Ana. Respondents were required to <br />provide their most current long -term debt rating (Moody's, Standard and Poor's, and /or Fitch) <br />and were required to be in compliance and in good standing with the Community <br />Reinvestment Act. Additionally, respondents were required to demonstrate that they meet, or <br />would be willing to meet, City Council policy relating to City sponsored community <br />improvement programs. <br />2. Experience - respondents were required to demonstrate experience in providing services <br />comparable to the City's needs including currently have active municipal government clients <br />in Southern California. <br />3. References — respondents were required to provide references from current and past client <br />cities (California public agency references most comparable to the City's size and financial <br />needs - both longstanding and recent customers). <br />4. Proposed Scope of Services and Time of Performance — respondents were required to <br />address all areas of Finance and Management Services Agency responsibilities for <br />maintaining all banking transactions for the City, Successor Agency, and Housing Authority. <br />Banking Services utilized include, but are not limited to: daily deposit processing <br />(electronic /physical checks, currency, and coin), check clearing, ACH, wire services and <br />account reconciliation. <br />5. Cost of Providing Services — respondents were required to bid the total annualized amount of <br />their standard charges and the concession pricing structure proposed together with proposed <br />compensating balance earnings rate. <br />Each respondent's price quotations were evaluated based on a typical month's volume of <br />transactions annualized for a full one year period. Based on this measure, the estimated <br />costs of the three respondents (lowest to highest cost) are as follows: <br />a. Cost of Providing Services (Price): <br />Firm <br />Estimated Annual Cost Banking Services <br />JPMorgan Chase Bank <br />$ 77,277 <br />Wells Fargo Bank <br />$139,910 <br />MUFG — Union Bank <br />$198,377 <br />55E -3 <br />