Each year, the City Comptroller’s Office solicits bids from area financial institutions interested in becoming Municipal Depositories of the City of Chicago and Chicago Board of Education. Upon review of the bid packages, the Comptroller’s Office submits a list of the qualifying bidders to the City Council for its information and consideration. The City Council has the power to designate as many depositories as it deems necessary to protect the City’s assets.
Upon designation, these institutions are referred to as Municipal Depositories. The Office of the City Treasurer is then permitted to deposit funds with any of the Municipal Depositories in the upcoming calendar year.
The Municipal Depositories are as follows:
- Albany Bank & Trust Co., N.A.
- Amalgamated Bank of Chicago
- Bank of America, NA
- Belmont Bank and Trust
- Citibank, F.S.B.
- Cole Taylor Bank
- Fifth Third Bank
- First Eagle National Bank
- Harris Trust and Savings Bank
- Highland Community Bank
- Illinois Service Federal Savings and Loan Association
- JPMorgan Chase, N.A.
- Lakeside Bank
- Northern Trust Company
- Pacific Global Bank
- PNC / National City
- Seaway National Bank of Chicago
- U.S. Bank