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l�T?`�:�1�iC�l': Dl: 1'-1fi":l'.�t}?\'1'
DATE: JUNE 14, 2010
TO: TEQUESTA PUBLIC SAFETY AND GENERAL EMPLOYEE PENSION
TRUSTEES
FROM: JOANN FORSYTHE, FINANCE DIRECTOR
RE: LOCAL BANKING OPPORTUNITIES
As you know, Sun American Bank went into receivership and the balances of the pension trusts checking
accounts were transferred to First Citizens Bank & Trust Company, Raleigh, NC, the acquiring financial
institution. As you also know, First Citizens Bank did not meet the requirement of a Qualified Public
Depository (QPD) and therefore were precluded from having public funds. The trustees transfexred the
funds temporarily to Salem Trust until such time as First Citizens Bank met the requirements of a QPD.
Subsequently, we noted during monthly bank reconciliations (and verified with Salem Trust), that the
Pension Trusts were being charged $15.00 per check written (with the exception of retirement benefit
payments). Additionally, it appears that First Citizens Bank is having some di�culty in meeting the
requirements of a QPD in the time originally anticipated.
At my request, Tatiana Racanati, accountant, contacted two FDIC/qualified depository banks that the
Village does business with, TD Bank and PNC (both QPD's). Please find a schedule of fees below, based
upon meetings and discussions with the banks.
TD Bank:
1) Monthly Fees: None
i) 5 or less wires per month
ii) Less than 20 written/cleared checks per month
iii) Charge for check stock
PNC
1) Monthly Fees: None
i) under 500 combined transactions
ii) free on-line banking, statements
iv) Wire in -$10 (ACH credits & debits free)
v) PNC will cover the cost of checks (stock)
Should the pension trustees decide to open an account with either of the banks above, we have account
owner information sheets for PNC and signature cards and applications for TD Bank.
6/14/102:46 PM