Title
Approving a resolution with the caption reading: RESOLUTION OF THE CITY OF PFLUGERVILLE, TEXAS AUTHORIZING THE CITY MANAGER TO EXECUTE A CONTRACT FOR BANKING SERVICES.
Summary
On March 31, 2017, the City sent a Request for Proposal to each of the five banking institutions with full-service banking centers within the City limits. In addition, an advertisement was placed in the Pflugerville Pflag on April 5, 2017, indicating the City was requesting proposals for banking services.
The financial institutions submitting proposals were required to meet the following minimum criteria:
• Must be a banking corporation incorporated under the laws of the State of Texas; and
• Maintain a full-service branch with drive up and night depository capabilities within the city limits of the City of Pflugerville.
Questions regarding the requirements listed in the RFP that were posed by any banking institution were answered by the City’s Finance staff and the answers communicated to representatives of each known prospective bidder. Proposals were due on April 26, 2017, at the City of Pflugerville Finance office. Proposals for banking services were received from the following three institutions on that date:
Chase (JP Morgan Chase Bank)
Comerica Bank
First Texas Bank
Institutions not responding: Bank of America
Declined to respond: Citizens National Bank
The City Finance staff evaluated the proposals, taking into account the following selection criteria:
- Responsiveness to the needs of the City, both in the time required to complete transactions and in the scope of the services offered.
- Convenience and availability of banking services, electronic as well as lobby/backroom services.
- Cost of services.
Staff presented the recommendation of First Texas Bank to the Finance and Budget Committee on May 11, 2017. The Finance and Budget Committee concurred with the staff recommendation and made a motion to recommend to City Council that the City enter into a contract with First Texas Bank for banking services.
Deadline for City Council Action
The current contract for banking services expires on September 30, 2017.
Staff Recommendation
Finance staff recommends that the City enter into a banking services contract with First Texas Bank for a three year term, with two one-year optional extensions, beginning October 1, 2017. The contract will follow the parameters as stated in the attached Request for Proposal. The City has established a good working relationship with First Texas Bank under past contracts. Based on the analysis of the proposals provided, staff believes continuing with First Texas Bank is the best option to provide banking services for the City of Pflugerville.
Fiscal Impact
As outlined in the RFP, the City will compensate the Bank for all services received in accordance with the fees set forth in the Bank’s Proposal.
Drafter
Lauri Gillam
Assistant City Manager