Summary
PICA adopted Resolution No. 2023-14, selecting Firstrust Bank as the provider of depository banking services for the Authority. Following a competitive Request for Proposals (RFP) process, Firstrust Bank was chosen based on its qualifications, financial stability, and ability to meet the Authority’s banking needs. The agreement covers four fiscal years, with the option to renew for an additional four years at PICA’s discretion. Firstrust Bank’s proposal includes a guaranteed interest rate through September 2023, free online banking, and no service charges for wire transfers. These features ensure cost-effective and secure financial management for PICA’s revenue deposits. The resolution takes effect immediately, ratifies prior actions, and affirms the Authority’s commitment to prudent financial oversight.