HomeMy WebLinkAboutItem 18 - Bank Depository ServicesFROM: BRUNO RUMBELOW, CITY MANAGER V2\ 4--
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SUBJECT: APPROVAL FOR THE AWARD • RFP 414-2014 FOR
BANKING DEPOSITORY SERVICES
City Council to consider award of RFP 414-2014 for Bank Depository Services to Legacy
Texas Bank.
FUNDING SOURCE:
There is no funding required for the banking services as Legacy Texas Bank has waived
all depository service fees for the contract period.
Request for proposals were taken in accordance with Texas Local Government Code
Chapter 252.022. The Request for Proposal 414-2014 was issued for the Finance
Department for Bank Depository Services. The RFP was opened publicly on April 11,
2014.
The RFP public notice was in the Fort Worth Star Telegram on March 13 and 20, 2014.
There were 51 invitations sent out through the eBid Procurement system with 10
institutions downloading and viewing the RFP.
Five banking institutions submitted proposals:
Northstar Bank of Texas
Legacy Texas Bank
Wells Fargo
Frost Bank
First Financial
An evaluation team made up of Finance and CVB representatives reviewed and
evaluated all five proposals based on the City's requirements and the services offered
and ranked them accordingly. Of the five firms, the three top ranked institutions were
interviewed and were asked to submit their final proposal. They were Legacy Texas
Bank, Wells Fargo and Frost Bank.
5/6/2014 3:19:29 PM
After the three bank institutions were interviewed and services re-evaluated, the
evaluation team re-ranked them based on RFP submittal clarifications. The evaluation
team ranked Legacy Texas Bank as the top banking institution.
The contract will be for two years with three optional,one year renewals.
Staff recommends approval.
MWOM
5/6/2014 3:19:29 PM