Banking Services

The County of Louisa, Virginia is seeking proposals from qualified providers to deliver quality, cost-effective, and efficient banking services. The services required include depository and bankcard services, electronic fund transfers, online access to bank accounts, and other related services. The purpose is to solicit proposals for the services the County currently uses as well as explore potential improvements from alternative procedures and technological advances. Proposals are due by Thursday, February 8, 2024 at 3:30 p.m. local time. The contract period is from March 22, 2024 through March 21, 2025, with the option to renew for five successive one-year terms upon mutual agreement. Proposers must provide their pricing analysis methodology, including the compensating account balance requirement and the method of deriving the earned credit rate. The County reserves the right to award to more than one proposer and to waive or amend specific requirements at its discretion.

The RFP does not specify any set-aside designations or restrictions on the types of organizations that can respond. The current banking accounts and activities are detailed in the RFP, but no incumbent vendors or contractors are listed. The County has annual revenues of approximately $106 million, with over $65 million in general property and other local taxes, but the potential award value or budget range is not provided.