7-20251209092737 Jackson

The City of Jackson, Mississippi, through its Department of Administration, is seeking a primary depository bank for municipal funds via Request for Proposal (RFP No. 94629-010626). The procurement focuses on comprehensive banking services, including management of 20 DDA checking accounts, savings accounts, wire transfers, payroll direct deposit services, night depository services, lockbox services, ACH transactions, and online banking access. The City anticipates an average monthly ledger balance of $70,000,000 and requires financial institutions to be FDIC insured or maintain a primary capital-to-assets ratio of at least 5.5% as of June 30. Key deliverables include monthly statements within five business days, same-day ledger credit for deposits before 2:00 PM CST, and annual audit support at no cost. The proposal submission deadline is January 6, 2026, at 3:30 PM, with submissions directed to the Municipal Clerk Department at 219 South President Street, Jackson, MS 39201. Specification inquiries can be made to Courtney Bell, Finance Manager, at 601-960-2005.

Bidding institutions must pledge collateral securities equal to at least 105% of the maximum deposit amount, excluding FDIC-insured portions, and execute a Collateral Security Agreement with the Municipality before January 1. The contract will commence on January 1 of the award year and continue through December 31, with provisions for continuation until new arrangements are established. While no specific set-aside designations are mentioned, bidders must provide interest rates for checking, savings, and money market accounts, either as fixed rates or variable rates tied to the U.S. Target Federal Funds Rate. The City expects minimal or no fees for depository accounts, check processing, wire transfers, deposit items, and ancillary services. Bidders must also provide an earnings credit rate to offset bank service charges. Though a specific budget range is not explicitly stated, the projected monthly ledger balance of $70,000,000 suggests a significant financial opportunity for the selected depository institution.