Albuquerque Journal (Albuquerque, NM)

City In Search Of New Bank.

Byline: Steve Shoup Journal Staff Writer

Rio Rancho is looking for a new bank for about $22 million worth of the city's business.

It's not that the city is unhappy with its current institution, First Security Bank, but the bank is selling its Rio Rancho branch on Southern Boulevard.

The city has been running its payroll and purchasing checks as well as other transactions through First Security Bank for the past few years, said Richard Kristof, finance director for the city.

The city has a four-year contract with First Security, which ends in April, Kristof said. However, earlier this year, Wells Fargo bought First Security Bank.

Kristof said the federal government forbids any one bank from having more than 40 percent of business in a city. …

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