Saying that Bankwell is a truly local bank, Selectman Kit Devereaux last week urged town officials to take greater efforts to include the company in soliciting bids for the municipality’s business.
In reviewing a proposed $600,000 agreement between the town and a New Jersey-based bank, Devereaux asked New Canaan CFO Sandra Dennies whether local banks had an opportunity to bid on the project (an IT equipment lease-purchase agreement for the district).
Told that banks who received an email on it included People’s United Bank, First County Bank and Chase—but that Dennies was “not certain” if Bankwell received the offer—Devereaux urged the town to include Bankwell and other local banks in the future.
“I would like to request that when we make that list that, for instance, Bankwell—which is probably our most local bank—is included for the opportunity,” Devereaux said at the meeting, held in Town Hall. “It could be something that local banks can’t compete on unless they have the opportunity.”
Devereaux and First Selectman Kevin Moynihan voted 2-0 to approve the agreement, with Ringoes, N.J.-based U.S. Bancorp Government Leasing and Finance, Inc. Selectman Nick Williams was absent.
Simple mantra–Always include our New Canaan businesses.
Back Kit’s statement. New Canaan needs to include local first.
Bankwell is like family to me. They treated me like family for fifteen years.
And I’m sure for many others…
No doubt we need to keep local firms in mind and offer them an opportunity to respond to an RFP. That being said, the all-in economics to NC taxpayers are priority #1.
Sometimes a local firm may win based on economics. Sometimes out of town companies, with larger economies of scale and expertise, win based on the economics to NC taxpayers. This may be the case with US Bancorp’s “government leasing and finance” group. Town leaders must require RFP’s, and a minimum of two bids for any significant transaction, whether it be a new snowplow, computers, financial services or even a series of landscaping projects that add up to meaningful taxpayer dollars. Over a long period of time, I am convinced the only things folks (from my kids to big companies) understand are: (i) what hits their pocket; and (ii) competition. Proper RFP’s flush this out for all to see. Given the First Selectman worked at an investment bank, I am confident First Selectman Moynihan understands this view. I am happy RFP’s seem to be a hot button for the other selectmen too. Please keep up the good work. We all have an equity stake in the success of NC! Transparent and regular use of proper RFP’s will improve the outcomes for NC taxpayers, and local businesses. Indeed, if it is not part of the current funding protocol, the Selectmen should require department heads to deliver the RFP and responses as prerequisites to any funding request. I vaguely recall we would do this for a new dump truck, but the RFP concept must apply to everything.