JOLIET — The Joliet City Council unanimously approved a move Tuesday night to change the city’s primary banking institution, concluding a Request for Proposal process that solicited bids from area financial institutions. The decision ended a long-standing relationship that had routed municipal funds through downtown Joliet branches for decades.
Why the switch
City Finance Director Kevin Sing told the council the city had advertised an RFP on its e-procurement portal and marketed the opportunity to several area banks. The city received four proposals, and three met the requirement of maintaining a full-service branch in Joliet, Sing wrote in a memo presented to council members.
The administration — led by Mayor Terry D’Arcy, City Manager Beth Beatty and Sing — supported the recommendation to change institutions, citing the procurement process and an effort to ensure the city receives services at the lowest cost.
Appeal from incumbent bank
Before the vote, John Thurston, corporate banking president at Old National Bank, addressed the council and urged members to consider his bank’s long record in Joliet. Thurston noted an ongoing local presence dating back through previous names, and highlighted volunteer and investment figures that, he said, reflect that commitment.
"We have unapologetically been part of this community for over 50 years," Thurston said, adding the bank’s team contributed more than 7,000 volunteer hours over the past three years and the institution invested more than $2 million in recent years.
Thurston also told council members when the bank takes city deposits, it then makes loans back into the community through local branches, emphasizing the economic ties between the municipal deposits and local lending.
What the vote means for Joliet
The council’s decision starts a transition in how the city handles its operating and treasury services. While municipal governments routinely evaluate banking relationships to seek competitive pricing and service levels, the move has local implications:
- Operational transition: City staff will need to coordinate the transfer of accounts, signatories and electronic services to the chosen institution.
- Local branch impact: Downtown banking branches that historically serviced City Hall business may see a change in deposits and transactional volume.
- Vendor relationships: The new banking partner will take responsibility for cash management, merchant services and other municipal banking functions.
| RFP facts | Detail |
|---|---|
| Proposals received | 4 |
| Met full-service branch requirement | 3 |
City officials did not release detailed cost comparisons or identify the winning institution in the council meeting materials included in the public memo. The administration framed the decision as one made to ensure the city receives services at the lowest cost following a competitive process.
Local reactions and next steps
The unanimous vote means the city will proceed with the new banking arrangement as recommended by finance staff. Old National’s last-minute appeal did not change the council’s decision, but the bank’s comments underscored deep ties between civic finances and local banking institutions.
Council members and staff will oversee the transition logistics. Residents and local businesses could see indirect effects if the change alters the flow of municipal deposits through downtown branches, though officials have emphasized the decision was made on the basis of service and cost following the RFP.
As the city implements the change, additional documents and notices to the public will outline the schedule for account transfers and any operational impacts on municipal services. Council minutes and the finance director’s full memo are expected to be posted with the city’s public records for those seeking further detail.
