365-20251215141940 Tupelo

The City of Tupelo, Mississippi is soliciting proposals from qualified financial institutions to serve as a designated depository for municipal funds, seeking a banking partner to manage and consolidate the city's demand deposit accounts. This procurement is a comprehensive banking services contract with potential terms of 24, 36, or 48 months beginning February 1, 2026. Proposing financial institutions must be qualified under Mississippi Code Annotated Sections 27-105-315 and 27-105-353, and must provide detailed proposals including interest rates for short-term and long-term funds, service charges for transaction handling, and banking service capabilities. The proposal submission deadline is 10:00 a.m. on January 9, 2026, with proposals to be submitted either physically to Kim Hanna, City Clerk, at the Tupelo City Hall or electronically through www.tupelomsbids.com. Evaluation criteria will include net earnings, account costs, transfer costs, banking services quality, compliance with state requirements, fund safety, and other factors relevant to the city's operational needs.

The procurement does not specify explicit set-aside designations or restrictions for disadvantaged enterprises. Financial institutions must provide security and collateral equal to 105 percent of the maximum potential deposit amount, excluding amounts covered by FDIC insurance. While no specific budget range is explicitly stated, the city intends to consolidate all demand deposit accounts with a single banking institution and may select separate depositories for investments and savings accounts based on the highest offered annual interest rates. The City of Tupelo reserves the right to reject any or all proposals and to adjust deposit amounts at its discretion. Prospective vendors can direct questions to Kim Hanna at 662-841-6502 or kim.hanna@tupeloms.gov. Interested financial institutions should be prepared to demonstrate their ability to meet the city's comprehensive banking service requirements and provide competitive financial terms.