HomeMy WebLinkAboutA001 - Council Action Form dated July 14, 2026ITEM #:20
DATE:07-14-26
DEPT:FIN
SUBJECT:CITY OF AMES BANK DEPOSITORY RESOLUTION UPDATE
COUNCIL ACTION FORM
BACKGROUND:
The City deposits its funds in various financial institutions throughout the community. Funds
are deposited and withdrawn to facilitate the City's day-to-day payment obligations, capital
project expenses, and reserves. Periodically, it is necessary to review the list of approved
depositories and make adjustments to reflect business and market changes. The following
changes are proposed to be made to the City of Ames Depository Resolution:
Add South Story Bank & Trust to the list of approved depositories with a maximum
balance limit of $25,000,000.
Add Central State Bank to the list of approved depositories with a maximum balance limit
of $25,000,000.
Add Chase Bank to the list of approved depositories with a maximum balance limit of
$25,000,000.
Change the name of Bank of the West to BMO Bank
Both South Story State Bank & Trust and Central State Bank have recently met with staff to
discuss possible business opportunities. Adding both to the City’s depository list will enable
that interest.
Chase Bank is a new addition to the City of Ames. The bank has expressed interest in bidding
on City funds. Adding Chase Bank to the approved depository list will facilitate that interest.
Bank of the West has merged with Bank of Montreal (BMO).
The financial institutions presented on the City’s depository list reflect the institutions
that have expressed interest in bidding on City funds. The maximum balances reflect
the institution’s reputation and financial stability.
Please note that deposits of public funds in all approved depositories are insured by FDIC
insurance and/or collateralized by the State public investment pool.
ALTERNATIVES:
1. Adopt a resolution to reflect business and market changes to the City of Ames Deposit
Resolution.
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2. Deny the request for changes to the approved depository list.
CITY MANAGER'S RECOMMENDED ACTION:
The City urges the active involvement of local and county financial institutions and
welcomes the competition in bidding for City funds. Therefore, it is the recommendation of
the City Manager that the City Council adopt Alternative #1, thereby adopting the resolution to
update the list of approved depositories for the City of Ames.
ATTACHMENT(S):
COUNCIL ACTION FORM Depository Resolution July 2026.pdf
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RESOLUTION NO._____
RESOLUTION NAMING DEPOSITORIES
RESOLVED, that the City of Ames, Iowa, in Story County, Iowa, approves the
following list of financial institutions to be depositories of the City of Ames funds in
conformance with all applicable provisions of Iowa Code Chapter 12C.2 (1993). The
City Treasurer is hereby authorized to deposit the City of Ames funds in amounts not
to exceed the maximum approved for each respective financial institution as set out
below.
Depository Name Location
Maximum Balance
in Effect Under
Prior Resolution
Maximum Balance
in Effect Under
This Resolution
US Bank Ames 405 Main, Ames, IA $ 25,000,000 $ 25,000,000
Wells Fargo Bank 424 Main Street 40,000,000 40,000,000
Bankers Trust 3725 Stange Road 25,000,000 25,000,000
First National Bank 405 5th Street 40,000,000 50,000,000
First Interstate Bank 316 S. Duff Avenue 25,000,000 25,000,000
Availa 1530 S. Duff, Ames, IA 25,000,000 25,000,000
Vision Bank 1200 S. Duff Ave, Ames, IA 25,000,000 25,000,000
Northwest Bank 100 S. 16th Street 25,000,000 25,000,000
Iowa Public Agency
Investment Trust (IPAIT)
4200 University Avenue,
Suite 114 West Des
Moines, IA
15,000,000 15,000,000
BMO Bank 525 Main Street, Ames, IA 25,000,000 25,000,000
River Valley Credit Union 2811 E. 13th Street 100,000 100,000
Community Choice
Credit Union
212 E. Lincoln Way 100,000 100,000
South Story State Bank
& Trust
2701 Stange Road Ste 120 0 25,000,000
Central State Bank 2709 Northridge Parkway 0 25,000,000
Chase Bank 435 S Duff Avenue Ste 101 0 25,000,000
CERTIFICATION. I hereby certify that the foregoing is a true and correct copy of a
resolution of the City Council of the City of Ames, Iowa, adopted at a meeting of said
public body, duly called and held on ____________________________, a quorum
being present, as said resolution remains of record in the minutes of said
meeting, and it is now in full force and effect. Dated this _____ day
of ___________, 2026.
_________________________ _________________________
John Haila, Mayor Renee Hall, City Clerk
Mailing Address: Telephone:
City of Ames 515-239-5105
515 Clark Avenue
Ames, IA 50010
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