Seattle Declines to End Wells Fargo Banking Contract Now

SEATTLE (AP) — Top officials in Seattle have sent a letter to Wells Fargo saying the city will honor its contract through the expiration date rather than cut ties now over the bank's role as a lender to the Dakota Access pipeline project.

The Seattle Times reports Mayor Ed Murray, Council President Bruce Harrell and Councilmember Tim Burgess sent a letter to bank officials Friday saying a new bank will be found when their contract ends at the end of 2018.

Councilmembers voted unanimously Feb. 7 to direct officials to end the city's contract with the San Francisco-based bank once it expires. Wells Fargo responded, giving the city of Seattle the chance to break its contract now.

The city officials wrote that the complexity of banking services used by the city will require a lengthy process to secure a new vendor.