Title
Resolution authorizing the County Treasurer/Ex-Officio County Collector to designate certain banks and other financial institutions as depositories in which Lake County funds and monies may be deposited.
Staff Summary
• The County Treasurer and Ex-Officio County Collector periodically reviews the list of banks and other financial institutions in which funds and monies are deposited to ensure Lake County cash and investments are safe and that returns on investments are maximized with preservation of capital being the primary objective.
• It has been more than three years since the last review occurred.
• County Treasurer and Ex-Officio Collection, David Stolman, has recently conducted a review of these financial institutions and is recommending a modification to the list of banks and other financial institutions that will be used as depositories of Lake County cash deposits and investments.
Body
RESOLUTION
WHEREAS, David Stolman, County Treasurer and Ex-Officio County Collector of Lake County, requests this County Board to designate banks or other financial institutions in which the funds and monies of the County, within his custody as County Treasurer and Ex-Officio County Collector, may be deposited; and
WHEREAS, David Stolman, County Treasurer and Ex-Officio County Collector of Lake County, periodically reviews the list of banks and other financial institutions to ensure Lake County cash and investments are safe and that returns on investments are maximized with preservation of capital being the primary objective; and
WHEREAS, it has been more than three years since the County Treasurer and Ex-Officio County Collector has provided a recommendation of banks and financial institutions for the County Board’s consideration; and
WHEREAS, recent changes to depositories used by the Lake County Treasurer’s Office has resulted in the Lake County Treasurer’s Office modifying its list of recommended banks and institutions.
NOW, THEREFORE, BE IT RESOLVED, by this County Board of Lake County, Illinois, that the following named banks and other financial institutions be approved:
BANKS
1ST BANK OF HIGHLAND PARK
1ST NATIONAL BANK OF MCHENRY
AMERICAN ENTERPRISE BANK
AMERICAN MIDWEST BANK
ASSOCIATED BANK
BANK FINANCIAL
BMO HARRIS BANK
BRIDGEVIEW BANK
BUFFALO GROVE BANK & TRUST
CENTRUST BANK
CORNERSTONE NATIONAL BANK & TRUST
FEDERAL SAVING BANK
FIRST AMERICAN BANK
FIRST MIDWEST BANK
HEARTLAND BANK
HUNTINGTON BANK
INLAND BANK
LAKE FOREST BANK & TRUST
LIBERTYVILLE BANK & TRUST
MB FINANCIAL BANK
NORSTATES BANK
NORTH SHORE TRUST & SAVINGS
NORTHERN TRUST BANK
NORTHSIDE COMMUNITY BANK
PRIVATE BANK & TRUST
STATE BANK OF THE LAKES
BROKERAGE ACCTS
FIFTH THIRD SECURITIES
FIRST EMPIRE SECURITIES
JP MORGAN SECURITIES
WELLS FARGO SECURITIES
INVESTMENT ADVISORS
GREAT LAKES ADVISORS
MB WEALTH MGMT
NORTH SHORE PRIVATE ASSET MANAGEMENT
WILLIAM BLAIR
CUSTODIANS
BYN MELLON
CHARLES SCHWAB
FIRST MIDWEST WEALTH MGMT
BE IT FURTHER RESOLVED, that a certified copy of this resolution be forwarded to the Surety or Sureties on the Bond of David Stolman, County Treasurer and Ex-Officio County Collector of Lake County, Illinois.
DATED, at Waukegan, Lake County, Illinois on this 13th day of June, 2017.