Title
RFP No. 2026-025 - Bank Depository Agreement.
(Authorize the City Manager to finalize and execute the necessary documents with Bank of America in the amount of $90,862.25 annually. The term of the contract is for a three-year period, with one additional two-year renewal option. The City Manager is authorized to exercise the renewal option, subject to annual appropriation of sufficient funds.)
Body
Name of Department
Finance
Project/Budgeted Amount
$95,000.00 annually
Sum of Bid/Bid Amount
$90,862.25 annually
A Request for Proposals (RFP) for depository banking services was distributed through BidNet Direct electronic procurement system, posted on the City's website and advertised in the Daily Commercial Record on April 16 and April 23, 2026. Eligible banks located within the city limits of Mesquite must meet the requirements of depositories of municipal funds as established by State law under Chapter 105 of the Texas Local Government Code. The RFP identified bid procedures, the scope of required banking services and the contract period to be awarded. Each proposer was requested to provide an itemized cost of services on a monthly basis and to respond to questions concerning services to be provided. Three banks submitted responsive bids: Bank of America, Huntington Bank, and Wells Fargo & Company.
An evaluation committee met to review the proposals and selected Bank of America based on the evaluation criteria. Attached is a tabulation of the scoring criteria.
Although the total annual charges will not exceed $90,862.25 per year, the net cost is expected to be $0.00 due to the application of the Bank's Earnings Credit Rate (ECR) of 2.18 percent on the City's account balances. The ECR is market-based and indexed to the Fed funds rate and is calculated based on the City's account balances and bank policies.
Bank of America meets all the requirements under State law to qualify as the City's depository bank and is able to provide needed banking products, ...
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