RANCHO SANTA FE — At a recent Rancho Santa Fe Board Association meeting, the directors were apprised of the happenings over the last month. Association Manager Bill Overton discussed various issues.
One item approved on the agenda was announcing the Association’s new controller, Don May. Overton asked that May be an additional signer on the checking account and the board moved to approve this.
Overton told the board and members present that this quarter has been very strong in its due diligence regarding every aspect of business for the Association and the RSF Golf Club.
“One of the things that started many months before I came here was the solicitation of banking proposals,” Overton said.
Four banks made the final cut.
According to Overton, about six weeks ago, the finance committee interviewed those institutions, narrowing it down even further.
“Interestingly, the two biggest banks did not make the final cut for a variety of reasons. Torrey Pines Bank and Union Bank, who is our existing bank, made the final cut,” he said.
Staff made the recommendation that it remain with Union Bank.
“Now, while it looks like nothing has changed, I want to just assure everybody that everything’s changed. This was a phenomenally good result for the Association,” he said.
Overton wanted everyone to know that Union Bank matched the best bidder on HOA banking services so they improved their niche banking for Association as a homeowner’s association.
Additionally, they matched the two larger firms on their commitment for investment services and reporting services. Union Bank also came back with the lowest interest rate.
Overton said that Union Bank has been servicing the Village for decades.
Board of director, Kim Eggleston, chimed in saying this was a lesson to be learned. Looking into other institutions came from the suggestion of Eggleston who began questioning rates and services charges.
It wasn’t until the institution knew they had potential competition that Union Bank crafted a better banking scenario for the Association.
Eggleston went on to say that staff should enact a policy of looking at all its vendors on an annual basis.
“Make sure that we’re getting the best deal and this was a perfect example of that fact,” he said, referring to the bank.
The board agreed to retain Union Bank.
Director Philip Wilkinson quipped, “Imagine that — running an HOA like a business.”