HomeMy WebLinkAboutItem 05 Approval of Extension of Banking Services with Truist Bank
City of Ocoee ▪ 1 N. Bluford Avenue ▪ Ocoee, Florida 34761
Phone: (407) 905-3100 ▪ www.ocoee.org
STAFF REPORT
Meeting Date: August 4, 2026
Item #: 5
Contact Name: Steven Weber Department Director: Steven Weber
Contact Number: Ext. 1520 City Manager: Craig Shadrix
Subject: Approval of Extension of the City of Ocoee’s Banking Services Agreement with
Truist Bank. (Finance Director Weber)
Background Summary:
The City of Ocoee’s banking services agreement with Truist Bank expires on August 31, 2026. The prior
agreement was established by piggybacking on the City of Ocala’s banking services agreement, which has
been extended.
The City of Ocoee Finance Department negotiated with Truist Bank to extend the City's banking services by
piggybacking on the City of Ocala’s Banking Services Agreement (FIN 200254). As part of the proposed
four-year (48-month) extension, effective September 1, 2026, through August 31, 2030, Truist Bank has
offered updated interest-earning terms based on the current rate environment. Under the proposed extension,
Truist Bank will provide the City with a Bank-managed Earnings Credit Rate (ECR) of 70 basis points (bps)
and a Bank-managed Interest Rate (IR) of 250 basis points.
Issue:
Should the Honorable Mayor and City Commission approve a four-year (48-month) extension of banking
services with Truist Bank by piggybacking on the City of Ocala’s banking services agreement (FIN 200254)?
Recommendations:
Staff recommends the Honorable Mayor and City Commission:
1) Approve a four-year (48-month) extension of banking services for the period of September 1, 2026, through
August 31, 2030, with Truist Bank by piggybacking on the City of Ocala’s banking services agreement (FIN
200254);
2) Authorize the Mayor, City Clerk, and staff to execute all necessary banking agreement documents.
Attachments:
1. City of Ocoee - Extension of Truist Banking Services Agreement
Financial Impacts:
Approval of the extension will result in favorable interest earnings for the City of Ocoee.
City of Ocoee ▪ 1 N. Bluford Avenue ▪ Ocoee, Florida 34761
Phone: (407) 905-3100 ▪ www.ocoee.org
Type of Item: Consent
Truist Bank
333 South Garland Avenue, Floor 17
Orlando, FL 32801
Cell: 407-701-4796
clayton.thompson@truist.com
Clayton Thompson
Vice President
July 8, 2026
Steve Weber
Finance Director
City of Ocoee
1 N. Bluford Ave.
Ocoee, FL 34761
RE: Banking Extension Agreement for Banking Services between the City of Ocoee (the “City”)
and Truist Bank (“Truist”) effective September 1, 2026, piggyback of City of Ocala’s Banking
Services Agreement
Dear Mr. Weber:
Thank you for continuing to choose Truist for your deposit and treasury services. We appreciate
the opportunity to maintain a meaningful partnership with you over the coming years.
Truist is pleased to offer the City an extension of the Agreement for Banking Services to
commence September 2026 for a forty-eight (48) month term through August 2030. Please find
attached the Proforma with the service pricing and rates.
The rates and pricing disclosed herein will apply to all applicable deposit and group accounts
which are currently open, as shown below. Rates and pricing for accounts not included below or
opened at a later time may vary. For additional details on rate calculations, eligible balances, or
terms and conditions, please contact your Relationship Manager or Treasury Consultant.
Proforma will apply to all Public Fund Analyzed Interest Checking accounts within:
• Group Number Combined Public Fund Analyzed Interest Checking
Earnings Credit Rate (ECR):
The ECR under this extension period does not begin until September 1st, 2026. As of today’s date,
and based on the current rate environment, today’s initial Bank managed rate would be 70 basis
points. The ECR will be applied to all accounts under Group number The ECR will be a
Bank managed rate and subject to change at any time at Bank discretion without notice.
Interest Rate (IR):
The IR under this extension period does not begin until September 1st, 2026. As of today’s date,
and based on the current rate environment, today’s initial Bank managed rate would be 250 basis
points. The IR will be applied to all accounts under Group number The IR will be a Bank
managed rate and subject to change at any time at Bank discretion without notice.
CITY OF OCOEE SIGNATURE PAGE FOR
EXTENSION OF BANKING AND TREASURY MANAGEMENT SERVICES WITH
TRUIST BANK FOR THE PERIOD OF SEPTEMBER 1, 2026, THROUGH AUGUST 31,
2030, BY PIGGYBACKING ON THE CITY OF OCALA’S BANKING SERVICES
AGREEMENT (FIN 200254)
APPROVED:
ATTEST: CITY OF OCOEE, FLORIDA
________________________________ __________________________________,
Melanie Sibbitt, City Clerk Rusty Johnson, Mayor
DATE:___________________________
(SEAL)
FOR USE AND RELIANCE ONLY BY APPROVED BY THE OCOEE CITY
THE CITY OF OCOEE, FLORIDA COMMISSION AT A MEETING HELD
APPROVED AS TO FORM AND LEGALITY ON _______________________, 2026
this ____ day of __________________, 2026 UNDER AGENDA ITEM NO. _____.
FISHBACK DOMINICK
BY:
Richard S. Geller, Esq., City Attorney