HomeMy WebLinkAbout1994-03-08; City Council; 12613; SD Trust & Savings & First Interstate Bank mergerBc 0 2
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Y OF CARLSBAD - AGWDA - BILL (2
AB#* TITLE: DEPT. HD.
MTG , 03/08/94 MERGER OF SAN DIEGO TRUST AND SAVINGS CITY ATTY
DEPT. TRS BANK WITH FIRST INTERSTATE BANK CITY MGR.
RECOMMENDED ACTION:
Accept and file report.
ITEM EXPLANATION:
The City is under contract for banking and custodial services with San Diego Trust &
Savings Bank, The contract for banking services runs until January 1996, while the contract
for custodial services may be terminated by either party upon 30 days written notice.
On January 7,1994 the shareholders of San Diego Financial Corporation approved a merger
of San Diego Trust & Savings Bank with First Interstate Bank. It is anticipated that the
regulatory approval process necessary to combine the resources into one institution will be
completed by March 31, 1994.
The City Treasurer has received correspondence and has discussed the merger and its
implications for the City with representatives of both banks. All legal documents, title
designations, and contractual obligations will automatically transfer to, and be honored by,
First Interstate Bank. The quality of services and the responsiveness that the City has
received from San Diego Trust & Savings Bank is anticipated to continue through the
transition and after the two institutions have effectively merged.
FISCAL IMPACT:
None.
EXHIBITS:
None.
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