Financial institutions interested in becoming Municipal Depositories of the City of Chicago and Chicago Board of Education apply through the Comptroller’s Office. 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.
On June 17 2015, Treasurer Summers announced a new ordinance that would amend the Municipal Code to municipal depositories accountable by ensuring their investment in each of Chicago’s 77 neighborhoods. The ordinance would require all Municipal Depositories to provide further reporting including their own lending practices to and support for small businesses, non-profits and entrepreneurs located in their communities.
The ordinance would also specify what information regarding community investment is gathered from banks and how frequently it is reported. The Treasurer’s Office will utilize that information to create a new Banking Scorecard to ensure Chicagoans can identify if and how frequently their local banks are investing back into their communities. The initiative was first proposed by Treasurer Summers during his first 90 days in office.
The City currently has 18 approved banks designated as Municipal Depositories.
Previous criteria for selected banks included having a presence in Chicago and serving its community’s needs, including liquidity to the City. Designated Municipal Depositories are used by the City Treasurer’s Office and the Chicago Board of Education for bank deposits including CD’s and banking services tied to deposits, lock box deposits, payroll and credit card processing.
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.
- Fifth Third Bank
- First Eagle National Bank
- BMO Harris Bank
- Highland Community Bank
- Illinois Service Federal Savings and Loan Association
- JPMorgan Chase, N.A.
- Lakeside Bank
- MB Financial / Cole Taylor
- Northern Trust Company
- Pacific Global Bank
- PNC Bank
- Seaway National Bank of Chicago
- U.S. Bank