The City of Lake Forest City Council Agenda 2026-06-15
Banking Services Contract Extended with Lake Forest Bank & Trust
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Description
The City Council approved a two-year contract extension with Lake Forest Bank and Trust for banking services, with a maximum projected annual cost of $16,124 in FY27 and $16,525 in FY28. The contract maintains favorable terms and interest rates and extends through June 30, 2028.
Contract Details
Contract Amount
$1,337/month through March 2027; max $16,124 FY27, $16,525 FY28
Vendor
LAKE FOREST BANK & TRUST
Agency
City of Lake Forest, IL
Contract Type
FINANCIAL_SERVICES
Document Date
June 15, 2026
Contract Term
Two-year extension through June 30, 2028
Renewal Date
2028-06-30
Renewal Info
Previous extensions: 2-year (2024), 18-month (2022), 3-year (2019), 2-year (2017), 3-year (2014) with renewals; current extension maintains existing rates until March 2027, then allows a maximum 3% fee increase.
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