Banking RFP delivers 275% increase in interest earnings

Discovered that approximately $30 million of the City of Yukon's $54 million cash balance had been placed in checking accounts earning just 0.15% interest — far below market rates — resulting in an estimated $2.8 million in lost revenue over two years. Conducted a competitive banking services RFP with ten financial institutions submitting proposals, evaluated by a team of five city staff members. Bank of Oklahoma was selected as the city's new primary banking partner. Results: interest earnings surged 275% year-over-year to $1,717,308.62 in fiscal year ending June 2025.

What it means: 275% increase in interest earnings — $1.7M recovered annually from previously idle city funds