The City of Lake Forest City Council Agenda 2026-06-15
Banking Services Contract Extended with Lake Forest Bank and Trust
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Description
The City of Lake Forest approved a two-year contract extension with Lake Forest Bank and Trust for banking services, maintaining current monthly service fees with a modest increase after March 2027. The agreement now runs through June 30, 2028, and includes an updated deposit interest formula.
Contract Details
Contract Amount
$1,337/month through March 2027, projected $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
through June 30, 2028 (two-year extension)
Renewal Date
2028-06-30
Renewal Info
Prior renewals in 2014, 2017, 2019, 2022, and 2024. Current renewal extends term through June 30, 2028; pricing fixed through March 2027, then up to 3% fee increase allowed.
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