State Statutes require the City Council to designate each of its depositories or by the chief financial officer/finance director, if the council has authorized them to make such a designation. The City Council last approved Anchor Bank as the city's official depository via Resolution No. 7683 on February 16, 2016. 

Anchor Bank was acquired by Old National Bank (ONB) in 2018.  The transition is now complete and staff is very satisfied with the services being received from ONB. ONB offers enhanced banking controls with a reduction in monthly fees and increase in checking account interest rates, which are all favorable for conducting city business. In addition, staff and ONB personnel ensure all deposits in excess of FDIC insurance are covered by adequate collateral.

The City does invest other funds with various other financial institutions authorized to do business in the State of Minnesota. All investments purchased by various brokers are delivered for safekeeping to the City's trust account held at US Bank. 

The Finance Director and Accounting Manager also require investment brokers to annually sign broker acknowledgement forms which require brokers to adhere to the city's investment policy. 

Staff recommends the City Council authorize the Finance Director and Accounting Manager to invest City of Shakopee funds with any bank, or other financial institution authorized to do business in the State of Minnesota in accordance with State Statutes and the city's investment policy.