Primary Depository Services

The City of Frisco, Texas is seeking applications from qualified financial institutions to provide primary depository services through a Request for Application (RFA) released on October 31, 2025, with responses due by December 16, 2025, at 2:00 P.M. The procurement covers comprehensive banking services for the city, including online banking capabilities, ACH processing, fraud protection, and collateral management. The proposed contract term is an initial three-year period from July 1, 2026, through June 30, 2029, with options to extend for two additional one-year periods. The city's current financial profile includes approximately 1,654 employees with a monthly payroll of $8 million and 69,438 utility customers. Evaluation criteria will focus on service capabilities, references, cost of services, interest rates, earnings credit rates, and the financial institution's overall stability and performance. A non-mandatory pre-application conference is scheduled for November 6, 2025, via Zoom, with the City Council anticipated to consider the award on April 21, 2026.

The RFA does not specify any specific set-aside designations or restrictions for disadvantaged enterprises. The successful financial institution will be responsible for pledging collateral to secure deposits, with potential maximum ledger balances exceeding $20 million. Required services include remote deposit capture, lockbox processing, controlled disbursement accounts, and comprehensive reporting. The city's existing investment policy, adopted on January 7, 2025, provides additional context for financial management, authorizing investments in various financial instruments and mandating strict collateralization requirements. The current fee schedule indicates a comprehensive range of banking services with zero monetary charges, suggesting a competitive pricing structure. While no specific budget range is explicitly stated, the city's financial operations suggest a significant banking relationship with substantial transaction volumes, including 71,836 cash vault currency/coin deposits and 17,627 online payment next-day items.