10828-20241213104009 Jackson

The City of Jackson, Mississippi, through its Department of Administration, is seeking a banking services depository contract via Request for Proposal (RFP No. 94629-010725). The procurement encompasses comprehensive banking services for managing approximately 20 DDA checking accounts with an average monthly ledger balance of $70,000,000. Required services include stop payments, wire transfers, night depository services, locking bank bags, payroll direct deposit, and cash management advisory support. Key deliverables involve maintaining FDIC insurance coverage, sustaining a primary capital to assets ratio of 5.5%, executing a Collateral Security Agreement, and complying with Section 1823(e) of FIRREA. The bid submission deadline is January 7, 2025, at 3:30 PM, with the contract period spanning from January 1 to December 31 of the applicable year, with potential continuation until new arrangements are established. The specification contact is Felicia Young, Finance Manager, located at the Warren Hood Building in Jackson, and interested banks must provide monthly statements within five business days and pay interest on accounts based on the U.S. Target Federal Funds Rate.

The RFP does not explicitly indicate specific set-aside designations or restrictions for disadvantaged enterprises. The solicitation appears open to qualifying financial institutions capable of meeting the technical and financial requirements outlined in the proposal. While no incumbent vendor is mentioned, the bank must demonstrate ability to manage substantial municipal banking operations with robust collateral security provisions. The potential award value suggests a significant banking services contract, with the average monthly ledger balance of $70,000,000 indicating a substantial financial opportunity. Prospective respondents must be prepared to provide comprehensive banking services, maintain rigorous financial standards, and offer flexible, responsive support to the City of Jackson's administrative and financial needs. The successful vendor will be expected to integrate seamlessly with existing municipal financial infrastructure and provide ongoing, reliable banking services throughout the contract period.