Banking Services

The Town of Smithfield, Virginia is soliciting sealed proposals for comprehensive banking services through a Request for Proposal (RFP) issued on April 3, 2024, with proposals due by 12:00 PM on May 3, 2024. The procurement seeks a federally chartered bank to manage the town's approximately $22 million in various bank accounts, including a $3 million sweep account and $7.5 million in the Virginia Investment Pool. Required services include account structure management, deposits, checking, banking supplies, reconciliation services, ACH processing, wire transfers, positive pay, and customer service. Offerors must have at least five years of governmental banking experience and maintain a branch within Smithfield town limits or Isle of Wight County. The evaluation criteria will focus on the offeror's ability to meet service requirements, demonstrated experience, quality controls, and cost of services. An optional non-mandatory pre-proposal conference is scheduled for April 22, 2024, with all questions required to be submitted in writing by April 30, 2024. The initial contract term is five years, with an option to renew for five additional one-year periods.

The RFP does not specify explicit set-aside designations or restrictions for disadvantaged enterprises. Offerors must comply with the Virginia Security for Public Deposits Act and demonstrate capability to provide an Earnings Credit Rate (ECR) to offset banking service fees. The town intends to maintain compensating balances to support banking activity costs and is open to exploring additional services such as payroll and retail lockbox solutions. While specific budget ranges are not explicitly detailed, the town manages approximately $22 million across various accounts, suggesting a significant potential contract value. The procurement allows for potential award to one or more qualified offerors deemed most suitable for the town's needs. No incumbent vendor information is provided in the documentation. The town requires the selected bank to provide detailed information on ECR, interest rate calculations, and monitoring processes related to cash balance management. Proposing banks must be prepared to integrate with the town's existing financial infrastructure and provide comprehensive banking services tailored to municipal government requirements.