15-20260127094329 Meridian

The City of Meridian, Mississippi, a municipality located in Lauderdale County, is soliciting sealed bids from qualified financial institutions to serve as the official depository for municipal funds for the two-year period from January 1, 2026 through December 31, 2027. The selected financial institution will be responsible for providing comprehensive banking services to manage municipal deposits across 22 demand deposit accounts with a projected average monthly ledger balance of approximately $85 million. Required qualifications include Federal Deposit Insurance Corporation (FDIC) insurance coverage, maintenance of a primary capital to assets ratio of at least 5.5 percent as certified by the State Treasurer, and physical office and employee locations within Mississippi. Key service deliverables include securing municipal deposits through collateral security agreements, providing monthly account statements within five business days of statement closing, same-day ledger credit on deposits made prior to 2:00 p.m. CST, wire transfers, stop payments, direct deposits, positive pay services, and audit support materials. Bidders must pledge securities in an amount equal to at least 105 percent of the maximum deposits held at any given time (excluding FDIC-insured portions) or become a member of an eligible public funds guaranty pool. The selected institution must offer competitive interest rates on both fixed and variable rate accounts, with variable rates calculated using the prior month-end U.S. Target Federal Funds Rate, and must provide an earnings allowance credit rate to offset service charges. Sealed bids are due on February 17, 2026, with the contract posting date of January 27, 2026.

The procurement documents do not indicate specific set-aside designations or restrictions limiting bidder eligibility based on disadvantaged enterprise status or other organizational classifications. No incumbent vendors, current contractors, or legacy banking relationships are referenced in the available documentation. The bid proposal form requires bidders to clearly indicate any fees or service charges applicable to billable services, with the municipality expecting the selected institution to provide the majority of requested banking services at no charge or minimum charge. The contract represents a significant opportunity for a qualified financial institution, as the municipality's average monthly ledger balance of approximately $85 million indicates substantial deposit volumes and ongoing transaction activity that would generate banking revenue through service fees, interest rate spreads, and operational relationships. Specific award values or budget allocations are not provided in the procurement notice, as compensation to the selected depository will be derived through standard banking service fee structures and interest rate arrangements negotiated as part of the bidding process.