1524-20251219135432 Senatobia

The City of Senatobia, Mississippi, is seeking proposals from qualified financial institutions to serve as its municipal depository for the period from January 1, 2026, through December 31, 2030. This procurement opportunity is specifically for comprehensive banking services, including managing 37 DDA checking accounts and 1 savings account with an average monthly ledger balance of $19,897,202.44. Key deliverables include providing various banking services such as stop payments, wire transfers, deposit slips, payroll direct deposit, internet banking access, and cash counting. Interested financial institutions must meet specific qualifications, including FDIC insurance coverage, a primary capital-to-assets ratio of at least 5.5%, and physical office locations within Mississippi. The proposal submission deadline is January 14, 2026, at 3:00 PM, with proposals to be submitted to the City Clerk's office at City Hall. Evaluation criteria include interest rates for short-term and long-term funds, transaction charges, service fees, and the ability to provide comprehensive banking services with minimal direct costs to the city.

There are no specific set-aside designations mentioned for disadvantaged enterprises in this procurement. Financial institutions must be certified by the State Treasurer as meeting capital ratio requirements and must provide collateral security equal to at least 105% of the maximum sum on deposit, excluding FDIC-insured portions. The city reserves the right to select multiple depositories, with each institution required to execute a depository agreement. While no specific award value or budget range is explicitly stated, the average monthly ledger balance suggests a significant banking relationship. Proposing institutions must comply with Mississippi Code Sections 27-105-305, 27-105-353, and 27-105-363, and will be required to provide monthly account statements within five business days and offer ledger credit on the same day for transactions completed before 2:00 PM CST. The City Council will review proposals and present a recommendation to the Mayor and Board of Aldermen at their January 20, 2026, meeting.