Project Information

Bid Title

2026:19 RFP Banking Depository Services

Issuing Agency

City of Jonesboro

Location

Arkansas

Published Date

Jun 5, 2026

Closing Date

Jun 24, 2026

Government Level

State & Local

Status

Closed

Ref. #

2026:19

Original Source

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Bid Documents

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Project Description

Bid Number:	2026:19
Bid Title:	2026:19 RFP Banking Depository Services
Category:	Professional Services - Consultants Other than Architectural/Engineering/Surveying
Status:	Open
Additional Status Information:	See Download Announcement
Bid Recipient:	Paige Cook, Purchasing/Finance Specialist

Description: The City of Jonesboro, Arkansas (“City”) is requesting proposals from eligible financial institutions to act as the City’s Depository institution for an initial period of twelve (12) months. The depository agreement shall contain an automatic renewal clause, which may be used for the following two (2) twelve-month periods, thereby providing for 36 months of depository and banking services. Publication Date/Time: 6/5/2026 3:00 PM Publication Information: Jonesboro Sun Closing Date/Time: 6/24/2026 2:00 PM Submittal Information: Paige Cook, Purchasing/Finance Specialist Bid Opening Information: 3rd Floor Conference Room Addendum Date/Time: None to date Pre-bid Meeting: None Contact Person: Described in specifications. Download Available: Yes for Specifications Fee: None Plan & Spec Available: See download file for specs. Business Hours: 8:00am - 5:00pm Related Documents: 2026:19 RFP Banking Depository Services RFP

Attachment Preview

REQUEST FOR PROPOSAL

BANKING DEPOSITORY SERVICES

SUBMISSION DEADLINE:

June 24, 2026

2:00 p.m. (CDST)

TABLE OF CONTENTS

I.

INTRODUCTION………………………………………………………….

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II. OBJECTIVES………………………………………….………….

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III. GENERAL……………….……………………………………….

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IV. CONTRACT TERMS…..………………………………………………

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V. INQUIRIES……………………………………….……………...

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VI. ORAL PRESENTATIONS………………………………..…………..

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VII. CONTRACT………………………………………………..…………..

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VIII. ACCOUNT LISTING AND AVERAGE BALANCES……………….

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City of Jonesboro

300 S. Church

Jonesboro, AR 72401

REQUEST FOR PROPOSAL

BANKING DEPOSITORY SERVICES

I. INTRODUCTION

The City of Jonesboro, Arkansas (“City”) is requesting proposals from eligible financial institutions

to act as the City’s Depository institution for an initial period of twelve (12) months. The depository

agreement shall contain an automatic renewal clause, which may be used for the following two

(2) twelve-month periods, thereby providing for 36 months of depository and banking services. All

proposals shall be received in a sealed envelope by the Finance Department, 300 S. Church,

before 2:00 pm, June 24, 2026, where they will be publicly received.

II. Objectives:

The intent of this request for proposal is to provide all qualified local financial institutions an

opportunity to submit proposals to handle the City’s deposit accounts. A listing of these

accounts is provided at the end of this request for proposal. Banking services offered but not

requested in this proposal may be negotiated between the City and the bank at a later date, if

required.

III. General:

All proposals will be formally opened in accordance with the City’s purchasing policy. The

proposals will then be evaluated. The proposal must be accurate and complete, providing all the

information requested in the request for proposal; however, the City reserves the right to waive

any minor or technical defects or irregularities. The City reserves the right to reject any and/or

all bids received.

All proposals from qualified public depositories that pass the completeness test and financial

strength/capacity tests and provide a satisfactory service level will then be ranked based upon

least total cost to the City. The cost to the City is defined as the lowest combination of projected

monthly service costs, if any, the highest earnings factor specified in the banking institution’s

proposal, and any resulting compensating direct fee. However, the City reserves the right to

select the proposer which, in its opinion, provides the best combination of service quality and

costs to the City.

IV. Contract Terms

All proposals must remain in effect for 90 days after the proposal due date.

V. Inquiries:

Additional information concerning this RFP may be obtained by contacting:

Steve Purtee, Finance Director via e-mail at: spurtee@jonesboroar.gov

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VI. Oral Presentations:

Selected financial institutions may be requested to provide oral presentations and participate in

an interview with City staff.

VII. Contract:

After a review of the proposals, oral presentation, if any, and interviews, the City intends to enter

into contract negotiations with the selected financial institution. These negotiations could include

any aspect of services and fees. If a contract is not finalized in a reasonable period of time, the

City will open negotiations with the next-ranked financial institution. The bank designated by the

City as its official depository shall be expected to execute a contract in substantially the same

form as the sample contract submitted with the bank’s proposal. The contents of this Request

for Proposal and the proposal submitted by the successful respondent may become part of any

contract. The contract must be in a form approved by the legal counsel of the City. The contract

shall provide that the City reserves the right to cancel any agreement at any time upon ninety

(90) days prior written notice of its intent to terminate any agreement. The depository shall

provide the City at least one hundred eighty (180) days prior written notice of its intent to

terminate any agreement.

The following services will be applicable to all accounts unless otherwise specified in individual

account descriptions. (See section VIII. for account information)

1. Interest will be credited to each interest-bearing account monthly based upon the

account’s daily balance. The crediting method must be explained in the RFP.

2. The statement date will be the last calendar day of the month, and statements for all

accounts will be mailed or delivered to City Administrative Offices within five working

days after the end of the month. In addition, the City desires access to the bank

statements and services in electronic format. Statements will include electronic images

of all items clearing the account.

3. A website to access all city accounts is required.

4. The funds in all accounts will be 105% collateralized by securities that conform to

Arkansas and Federal laws. Collateral for the accounts will be held on a permanent

basis by an independent, third-party financial institution approved by the City (preferably

the Federal Reserve Bank). The banking institution agrees to check this on a daily basis

and provide increased security as needed. A monthly report of collateral pledged as of

the end of the calendar month and its market value at the time shall be furnished to the

City within five (5) days of the close of each month.

5. The City may request other services not specifically mentioned in this document, with a

reasonable, mutually agreeable fee to be charged by the institution.

6. The banking institution shall provide the following supplies as needed:

Printed duplicate deposit slips

Zippered and/or Locked money bags

7. The bank must be able to accept cash deposits at branch locations. Deposits will be

dropped off each day. The bank will be responsible for verifying the deposit upon receipt.

In addition, the safeguarding of after-hours deposits at the main or branch bank is

requested.

8. Deposit discrepancies, should any occur, will be brought to the attention of the Finance

Director or their designee on the same day the discrepancy is found.

9. Availability of funds will be as follows: 1) items on the depository institution, same day. 2)

items on local institutions, the next day. 3) other items in accordance with the Federal

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Reserve availability schedule.

10. Investments (which include certificates of deposits) will continue to be bid outside of this

depository contract. The depository institution may bid on such investments, provided

they can properly secure the funds as required by law. The City reserves the right to

purchase investments through other financial institutions if such action is to the benefit of

the City.

11. Any cost of FDIC insurance should be included in the overall cost of the contract. The

proposal should include an itemization of any amounts charged for FDIC insurance

premiums and an explanation of the method of calculating such charges.

12. The City will require access to online treasury/cash management services to include, at

a minimum, review and download of account history, electronic statements, pending

electronic activities, positive pay services, and stop payment management.

13. Unless otherwise directed, the Bank will automatically redeposit return items a second

time. Items returned a second time would be charged to the appropriate account and

returned promptly to the City.

14. The bank must be a “sending” and “receiving” bank on the Automated Clearing House

System. The City receives and transfers funds via ACH to other banks. ACH services

shall include both originator and recipient capability.

15. The bank must be current on all City taxes, fees, and licenses, if applicable.

The following item(s) should be included in the bank’s proposal:

1. Assurance that the financial institution is insured by the FDIC.

2. Itemize and describe the financial institution‘s ability to provide the banking services

described above, and to what extent, if any, those services are automated.

3. Assurance that the financial institution is audited by an independent CPA firm.

Provide a copy of the most recent audit report.

4. A copy of the bank’s most recent Call Report.

5. The bank’s “Capital Ratio” and “Risk-Based Capital Ratio” for the three most recent

annual fiscal periods.

6. A summary of any significant changes in management and/or ownership during the

past five years.

7. Resumes or brief summaries of qualifications of key personnel to be assigned to the

account relationship.

8. A list of previous and current customers who had or have accounts that are similar in

nature to those proposed herein, with particular attention given to public agency

accounts. Please include phone numbers.

9. What security policies and procedures does the bank have in place to protect the

City’s assets? Provide details regarding the bank’s services or products that will

protect the City from fraud (e.g., forged checks, phone transfers, etc.)

10. Provide details regarding any electronic service options, including the charges for

these services. Also, provide a description of the bank’s balance reporting system, its

features, and a statement on whether the system can be accessed through the

internet.

11. List the location of your institution’s main office and the locations of any branch

offices in Jonesboro. Provide the address and hours of operation for both the lobby

and drive-thru of the office locations that will service the City’s account.

12. Does your bank provide a courier to pick up deposits from the City on a daily (M-F)

basis? If so, please provide the costs associated with the courier service, if any.

13. What is the ledger cutoff time for deposits?

14. Provide a list of the bank holidays observed.

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15. Provide a list of all bank charges and amounts that will be charged to the City, if any.

16. Computation of how interest will be calculated and credited on all accounts. Be

specific. Interest rates to be earned should be listed for each account.

17. Describe how the bank will collateralize the City’s deposits.

18. Describe the frequency and format of reports that you would provide for the City.

What reports would be available in electronic format? Describe what format

electronic reports would be in and how the City would receive these reports. Detail

any costs associated with electronic reporting, if any.

19. What, if any, of your services can be accessed through the Internet?

20. Describe your financial institution’s expertise in relation to Electronic Commerce.

21. Explain the financial institution’s overdraft protection program and list any charges.

22. List the percentage rate for all accounts for the initial 12 months of this contract.

23. RFP shall be signed by an authorized bank employee.

24. Two (2) copies of the bank's proposal shall be included in a sealed envelope.

Compliance with all Government Laws

The Bank shall remain informed of, and shall comply with, all applicable laws, ordinances, rules,

regulations, and orders of the City, County, State, Federal, or any other public bodies, which

apply to work performed under this proposal. The bank shall provide all necessary safeguards

and protections as set forth by the United States Department of Labor, Occupational Safety and

Health Administration.

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