Depository Services

The City of Pittsburgh is soliciting proposals for comprehensive depository services for the calendar year 2023, covering banking and financial services for municipal operations. The procurement opportunity, identified as RFP #2022-RFP-185, seeks one or more financial institutions to provide a full range of banking services including demand deposits, investment instruments, wire transfers, lockbox services, account management, and treasury management systems. Eligible depositories must maintain a satisfactory or better Community Reinvestment Rating, have a minimum capital and surplus of $1,000,000, and be willing to limit deposits to 40% of their capital and surplus. Key deliverables include quarterly independent bank rating service reports, Federal Insurance Agency membership certification, and a comprehensive Community Reinvestment Plan specific to Pittsburgh's economic needs. The proposal submission deadline is September 30, 2022, at 5:00 pm, with an electronic submission required through the city's e-Procurement Portal, and the contract period will run from January 1, 2023, through December 31, 2023. Evaluation criteria will focus on the institution's Community Reinvestment Act ratings, lending practices, commitment to neighborhood development, and ability to meet the city's specific banking service requirements.

The City of Pittsburgh is specifically encouraging small and intermediate small banks to apply, with a clear emphasis on promoting diversity in its banking partnerships. The procurement includes set-aside considerations that prioritize institutions demonstrating strong community engagement, particularly those with an Outstanding CRA rating and a proven commitment to supporting low-to-moderate income and minority residents and businesses. Financial institutions must provide detailed documentation including Home Mortgage Disclosure Statements, Community Reinvestment Act statements, and a comprehensive Community Reinvestment Plan that addresses economic development, small business lending, full-service banking, home lending, philanthropy, and workforce diversity. While no specific incumbent vendor is mentioned, the city will evaluate proposals on a pass/fail basis, with scoring ranging from 0-5 for the Community Reinvestment Plan. Although a specific award value is not explicitly stated, the RFP suggests the potential for multiple depository relationships, with banking fees to be established on January 1, 2023, and maintained through the end of the calendar year unless mutually amended in writing.