Depository Services

The City of Pittsburgh, located in Allegheny County, Pennsylvania, is soliciting proposals for Depository Services through RFP #2024-RFP-261, seeking qualified financial institutions to serve as city depositories from January 1, 2026 through December 31, 2028. The procurement requires a comprehensive banking partner to manage city funds, providing services including fully collateralized certificates of deposit, wire transfers, lockbox services, account analysis, and treasury management systems. Proposing institutions must have a Satisfactory or better Community Reinvestment Act (CRA) rating, with preference given to those with an Outstanding rating. The evaluation criteria will assess firm qualifications (15%), project team qualifications (15%), project approach (30%), cost proposal (30%), and MWDBE/VOSB good faith effort (10%). Key submission deadlines include a question submission deadline of September 22, 2025, and a proposal response deadline of October 6, 2025 at 2:00 pm, with electronic submissions required through the city's e-Procurement Portal. Successful respondents must enter a contract contingent upon City Council approval, with no renewal options for the three-year term.

The City of Pittsburgh is actively encouraging participation from small and intermediate small banks, with a strong emphasis on community reinvestment and diversity. The procurement includes specific provisions for minority, women-owned, veteran-owned, and LGBTQIA+ business participation, requiring proposing institutions to submit a comprehensive Community Reinvestment Plan that addresses initiatives for low to moderate income residents and minority-owned businesses. Financial institutions must maintain a capital and surplus of at least $1 million, with active and inactive deposits limited to 40% of the institution's capital. While no specific award value is explicitly stated, proposing banks must provide detailed documentation including a Sworn Statement of Financial Condition, proof of Federal Insurance Agency membership, and membership in either the Federal Reserve Pool Agreement or Federal Home Loan Bank. The city seeks to diversify its banking relationships, with an explicit goal of selecting depositories that demonstrate a commitment to community development and responsible banking practices.