Oxnard—The Finance and Governance Committee, Tuesday, July 14, approved the Comprehensive Banking Services Agreement.
CHIEF Financial Officer Javier Lazaro wants the agreement to move forward and approve an agreement with Bank of America for comprehensive municipal services.
The agreement has an initial three-year term, with an option to extend the agreement for up to five additional one-year terms.
"Currently, the City Banking Services are provided by Bank of America through a contract that has a term from January 1, 2023, to December 31, 2025," he said. "That agreement includes annual extensions, and the City secured an extension through June 2026 to go through a request for proposal process."
Some of the required services are included in the spreadsheet, and he said it includes bank deposit and treasury management, cash management, ACH/Wire Transfers, positive pay fraud protection, online banking, and armored transport, among other services.
"A request for proposal was released on January 8, 2026, after a review and approval by City Treasurer Phil Molina," Lazaro said. "On February 16, the City received four proposals from four different financial institutions."
He said Molina received a copy of those proposals and decided to excuse himself from the evaluation process and be considered a subject-matter expert.
"The rest of the…
