REQUEST FOR PROPOSAL



REQUEST FOR PROPOSALFOR BANKING SERVICESI.INTRODUCTIONThe City of Hubbard is requesting proposals for banking services to begin October 1, 2021 and extend through September 30, 2026. Through this RFP process the City intends to minimize banking costs, improve operational efficiency, and maximize investment capabilities. II.PROPOSAL INSTRUCTIONS AND QUALIFICATIONSA.MINIMUM QUALIFICATIONSTo ensure a close working relationship, to facilitate available services, and to support local business, the City may give priority to those banks with full service capabilities located within the City. Each Proposing bank must be licensed by the State or National Government.B.PROPOSAL SUBMISSION INSTRUCTIONS1.Submitted Proposals must meet the requirements contained in this RFP.Proposals must be submitted no later than 1:00 p.m. on August 23, 2021, to:City of HubbardAttn: Diana Echartea118 N MagnoliaHubbard, Texas 76648Faxed Proposals will not be accepted. Postmarks are not considered proof of delivery. 3.Questions regarding this RFP on the service requested must be submitted in written format at the above address on or before 4:00 p.m. August 16, 2021. Responses to all material questions will be communicated to each prospective Proposer.4.Modifications or additions may be made as a result of questions submitted. Written notification of any such change will be made in writing to all known Proposers.Evaluation and scoring of Proposals will be made on the bases of the following objectives:Interest Rates40%(checking accounts, saving accounts, and time deposit accounts)Cost and Availability of Service30%Safety and Creditworthiness30%The City Council for the City of Hubbard will consider the Proposals during a regular Council meeting to be held on Tuesday, September 14, 2021. The City Council reserves the right to reject any and all proposals and waive informalities when in the best interest of the City.III. INTEREST RATESPlease provide the interest that will be paid on the following accounts:Checking Account___________%Savings Account___________%Time Deposit___________%Other______________________%______________________%Please provide interest for emergency loans to the City:Emergency Loans___________%IV. COST AND AVAILABILITY OF SERVICEIndicate below which of the following services and items will be provided:CHARGEDeposit SlipsYESNO_________Manual ChecksYESNO_________Direct Deposit NoticesYESNO_________Cashiers ChecksYESNO_________Certified ChecksYESNO_________Currency WrappersYESNO_________Secure Bank BagsYESNO_________Stop PaymentsYESNO_________Safekeeping SecuritiesYESNO_________Letters of Credit (alternate security)YESNO_________Charges for Returned ItemsYESNO_________Charges for OverdraftYESNO_________Notice of ACH TransactionsYESNO_________1st Day of Month Cutoff StatementYESNO_________Additional Services (list)_________________________YESNO__________________________________YESNO__________________________________YESNO__________________________________YESNO__________________________________YESNO__________________________________YESNO_________V. SAFETY AND CREDITWORTHINESS OF BANKThe bank must agree to obtain and maintain acceptable securities sufficient to cover all anticipated time and demand deposits, above FDIC insured limits. Such securities must be adequate to fulfill requirements under state statute and City Ordinances. Five days prior to commencement of a depository contract, Proposer agrees to provide sufficient security of the City funds. Bank agrees to report to the City monthly of the securities held to cover all anticipated time and demand deposits. A Letter of Credit may serve as an alternate form of security for City accounts.VI. PROPOSAL TO SERVE AS CONTRACTFollowing approval of the City Council, the Proposal submitted by the successful Bank will serve as the Depository Contract for the City and the Bank.Date:______________________________Proposer:______________________________By:______________________________Title:______________________________Approved at a meeting of the Hubbard City Council on September 14, 2021.___________________________ Mary Alderman, MayorATTEST:______________________________ Diana Echartea, City Secretary ................
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