Banking Services

C C , T
ITY OF ORSICANA EXAS
REQUEST FOR PROPOSAL (RFP)
BANK DEPOSITORY SERVICES
April 01, 2026
200 N. 12TH STREET
CORSICANA, TEXAS 75110
(903) 654-4800

CLOSING TIME: RFP'S ARE DUE NOT
LATER THAN 10:00 A.M. ON April 29, 2026
200 N. 12th STREET
CORSICANA, TX 75110
NAME OF PROPOSER: ____________________________________________
NOTICE OF REQUEST FOR PROPOSALS
CITY OF CORSICANA
NOTICE IS HEREBY GIVEN that the City of Corsicana, Texas, will receive written sealed proposals
only, for MUNICIPAL GOVERNMENT BANK DEPOSITORY SERVICES, as stated in the RFP
documents.
The City shall receive proposals from financial institutions for the City of Corsicana as outlined in
the Specifications section of the RFP. Proposers may be required to participate in an assessment
center if deemed necessary.
Said RFP's must be in the office of the City Manager, City of Corsicana, 200 N. 12th Street,
Corsicana, Texas, 75110, NO LATER THAN 10:00 a.m. on Wednesday, April 29, 2026. RFP's that
are postmarked but not received until after this deadline will not be accepted. RFP's received
after the posted cut-off time will not be accepted.
All RFP's are to be marked clearly on the outside or if submitting by email in the subject line:
"RFP FOR MUNICIPAL GOVERNMENT BANK DEPOSITORY SERVICES".
RFP's may be mailed to 200 N. 12th Street, Corsicana, TX 75110, or delivered by courier or in
person to the City Manager's office 200 N. 12th Street, Corsicana, TX 75110. RFP's may also be
submitted by email at Bids@corsicanatx.gov.
RFP documents may be obtained at the City of Corsicana Finance Dept. 200 N. 12th Street,
Corsicana, Texas 75110. RFP documents will be ready for pick up on and after April 1, 2026.
RFP's may also be downloaded in Adobe Acrobat format on the Public Notices section of the
City's website at www.cityofcorsicana.com. To receive an electronic version to complete
(showing all tracked changes), please e-mail your request to the Finance Department at
vrich@corsicanatx.gov.
The right is reserved to reject any and all Proposals or to accept the Proposal which is deemed by
the City of Corsicana to be in the best interest of the City of Corsicana. The City of Corsicana also
reserves the right to waive any irregularities and/or informalities in the RFP process.
For further information, contact City of Corsicana Finance Dept. at (903) 654-4800.
Publish Dates: April 1, 2026 and April 8, 2026
Corsicana Daily Sun - Legal Publications
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Proof of Publication Required
INSTRUCTIONS TO PROPOSERS
SECTION 1: PROPOSER'S REVIEW
Proposers are expected to examine all related documents of the Request for Proposal. Failure to
do so will be at the proposer's risk.
Any questions concerning the Request For Proposal process should be referred to the City of
Corsicana Director of Finance at (903) 654-4800 at least 72 hours prior to RFP due time. Changes
in the RFP which might arise out of such referral will then be forwarded to all RFP holders of
record prior to the time set for RFP receipt.
SECTION 2: SUBMISSION OF REQUEST FOR PROPOSAL
The City of Corsicana is an Affirmative Action/Equal Opportunity Employer. Prospective
suppliers shall be cognizant of the requirement for compliance with Executive Order 11246,
entitled "Equal Employment Opportunity" as amended by Executive Order 11375 and as
supplemented in regulations of the U.S. Department of Labor (41 CFR part 60).
Proposers are encouraged to describe in detail their services as related to this section and any
additional offerings related to the offering but not specified in this request for proposal.
ONE (1) COMPLETE ORIGINAL AND ONE (1) COMPLETE DUPLICATE COPY of the entire proposal
shall be delivered by the time and to the place stipulated in the Notice of Request for Proposal. It
is the proposer's sole responsibility to see that their proposal is received at the place, date and
time specified. Any proposal received after the scheduled closing time for receipt of proposals
may be returned to the proposer as unacceptable. Oral, facsimile, telegraph, or telephone or
other electronic modifications will not be considered.
Altering the Proposal language or any document or form may render your proposal
nonresponsive.
A duly authorized representative of the proposing firm shall sign the proposal document.
Unsigned offers may be rejected.
Signed copies of all Addenda and/or bulletins issued to prospective providers should be enclosed
with the Proposal. Failure of the proposer to enclose said addenda or bulletins will be considered
grounds for rejection of the RFP.
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TABLE OF CONTENTS
I. Specifications ................................................................... 5
A. Scope
B. Term of Contract
C. Objectives of the Agreement
II. Calendar of Events ............................................................ 6
III. Criteria for Evaluation ........................................................ 6
IV. Account Activities ............................................................. 7
A. Number of Accounts
B. Services and Volumes
C. Collateral Required
D. Bank Statements
E. Method of Payment and Reporting
F. Availability of Funds
G. Interest Rates
H. Federal Income Tax Withholding
I. Research Requests
J. Check Processing
K. Bank Errors
V. Pledge/Requirements ......................................................... 9
A. Securities Pledged
B. Reporting Requirements
C. Safekeeping
D. Substitutions
E. Certification and Delivery of Collateral
VI. Investment Activities ......................................................... 11
VII. Overdraft Provisions ......................................................... 11
VIII. Other Stipulations ............................................................. 12
A. Regulation Notices
B. Wire Transfers
C. Right to Cancel Contract
D. Right to Audit Records
E. Financial Reports
F. Term of the Depository Services Contract
G. Online (Web-based) Banking Services
IX. Bidding Requirements ....................................................... 13
A. Date, Time, Location
B. Responding to this Application
C. Additional Information
D. Right to Reject Applications
E. Certification
F. Insurance
G. Questions Regarding Depository Application
H. Transfer of Funds
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TABLE OF CONTENTS
CONTINUED
X. Other Miscellaneous ......................................................... 14
A. Periodic Review
B. Depository Application and Resulting Contract
C. Bid Advertisement
D. Designating Officials
XI. Depository Application Submitted By .................................. 15
XII. Form of Agreement ........................................................... 16
XIII. Acceptance of Depository Application/Depository
Services Contract ................................................... 19
XIV. Certificate of Interested Parties .............................................. 20
EXHIBITS
1. Account Analysis Summary and Averages - 9-Months ...................... 21
2. Bank Account Transaction Summary - 1-Month .......................... 22
3. City of Corsicana Investment and Collateralization Policy ................... 23
APPENDICES
1. Banking Service Requirement Pricing - To Be Completed By Bidder ... 41
2. Other Bank Services .................................................... 42
ATTACHMENTS - To Be Provided By Bidder
A. Sample Account Analysis Statement
B. Availability Schedule
C. Interest Rate Information
D. Depository Pledge Agreement
E. Sample Safekeeping Agreement
F. Overdraft Provisions
G. Financial Information
H. Controlled Disbursement
I. One-Time Setup Fee and Software Fee
J. Direct Deposit of Payroll and Employee ATM Accounts
K. Balance Reporting
L. Direct Payment for Utilities Charges
M. Employee Benefits
N. Image Direct Deposit/Image Cash Letter/Remote Deposit
O. Other Bank Services
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I. SPECIFICATIONS
A. SCOPE
The City of Corsicana (the "City") is seeking bids from eligible local financial institutions to serve as the
Depository Bank to the City. This includes the basic services of receiving deposits via ACH, remote online
electronic check image deposit, and normal banking deposits, paying items via check or ACH
disbursements, wiring activities (incoming or outgoing), positive pay, and other normal business banking
activities. This agreement will not cover any investment transaction activities other than safekeeping
services. The City plans to manage its own investment portfolio.
The objective of this Request for a Depository Bank is to identify a local financial institution that can offer
the highest quality services at the lowest cost to the City. In addition, the City desires to conduct business
with a local financial institution that can provide the services needed while maintaining a "home-town"
banking experience. The City requires a primary account representative that offices in Corsicana.
Services provided will be in accordance with the Bank Depository contract and agreements executed
between the City and the Bank.
This Request for Proposal or "RFP" is intended to serve as the bid form for the Depository agreement.
There are several blanks to fill in and questions to be answered. The Depository contract shall be prepared
based on the bidder's response to this RFP. All points outlined and materials requested should be
incorporated into the bidder's reply to be considered for evaluation. Attachments will be appropriate in
order to answer some of the enclosed questions.
The contact person for the bidding process is Val Rich, Director of Finance. The City desires to enter into
a contract that will minimize the City's costs, yet will be viewed as a reasonable agreement on behalf of
the bank. City staff members will be happy to answer any questions pertaining to this RFP.
This RFP is available in PDF format on the web by visiting the Finance Department webpage at
www.cityofcorsicana.com. Also, an editable, electronic version of this RFP is available upon request.
B. TERM OF CONTRACT
The new depository contract term will be for the period of October 1, 2026 through September 30, 2029,
with a provision for two one-year continuations under the same terms and conditions of the contract,
subject to the mutual agreement of both parties. The depository contract term will also provide for an
extension period not to exceed ninety (90) days for the transition to a new Depository Bank at the end of
the term. The Depository contract shall provide that the City reserves the right to cancel any agreement,
at any time, upon sixty (60) days prior written notice of its intent to terminate any agreement.
C. OBJECTIVES OF THE AGREEMENT
The City wishes to communicate the primary objectives of the Depository Agreement, an important
component of the overall treasury program of the City of Corsicana. Depository services should support
the objectives of the City's cash management program. Those objectives are to preserve and ensure
safety of cash balances and to maximize yield after satisfying the goals of safety and liquidity:
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1. To seek a bank that is both capable of providing banking services described within this RFP, with
a primary account representative that offices in Corsicana, who is willing to be attentive to the
City's money matters;
2. To seek a bank that meets the legal qualifications and the terms and conditions specified in this
RFP, the policies and strategies for investment of City funds pursuant to the City's Investment and
Collateralization Policy as adopted by City Council, and the relevant statutory provisions of the
Public Funds Investment Act and Public Funds Collateral Act;
3. To maintain a good working relationship with the Depository Bank, and
4. To adequately compensate the Depository Bank for services provided and to allow a reasonable
profit to be earned, subject to competitive forces in the market place.
II. CALENDAR OF EVENTS
TARGET DATES DESCRIPTION OF EVENTS
Distribute Depository Application/Contract to prospective
Wednesday: April 1, 2026
financial institutions, via e-mail and City website
Wednesday: April 1, 2026 Advertise the Depository Bank notice in the Corsicana Daily
Wednesday: April 8, 2026 Sun newspaper
Deadline for bid submission of the Bank Depository
Applications to the Director of Finance from interested
Wednesday: April 29, 2026
institutions by 10:00 a.m. Bid opening will begin at 10:00 a.m.
in the City Manager's office.
Monday: May 18, 2026 Council presentation for the award of the new Contract
Tuesday: May 19, 2026 Notify all bidders
Execute Depository Bank Contract/Agreements and Form
Tuesday: May 19, 2026
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Monday: August 31, 2026 Begin implementation of new Bank Depository Contract
Thursday: October 1, 2026 New Bank Depository Services Contract period begins
III. CRITERIA FOR EVALUATION
The City staff will review all submitted applications and evaluate each proposal based on the
criteria outlined below. A recommendation will be made to the City Council for the proposal
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determined to be in the best interest of the City. The City may, at its discretion, request additional
information or clarification from respondents and may shortlist the highest-ranked proposals for
further consideration.
Evaluation Criteria
1. Financial Strength & Reputation (15 Points)
Financial strength, stability, and overall safety of the institution
Reputation of the bidder and quality of services provided
2. Services & Capabilities (35 Points)
Ability to provide all required and requested banking services, including Positive Pay
Quality and functionality of online banking and reporting tools
Funds availability
Ability to support the City's ongoing transition from physical checks to ACH and wire
payments
3. Cost & Earnings (30 Points)
Cost of banking services, including fees and charges
Interest rates on interest-bearing accounts, time deposits, and investments
Earnings credit on average available account balances
4. Service & Accessibility (20 Points)
Availability of a dedicated account representative, preferably located in or near Corsicana
Convenience and accessibility of branch locations
Completeness of the proposal and agreement to Depository Application requirements
Previous service and/or relationship with the City and its related entities
Total Possible Points: 100
IV. ACCOUNT ACTIVITIES
A. Number of Accounts. The City currently has one (1) demand account and three (3) high yield
savings demand deposit accounts with our current depository bank. Potential depository institutions will
be required to offer the best rate available for the accounts described as high yield savings demand
deposit accounts.
Pooled Cash Account. The Pooled Cash Account serves as the City's master account into which most
deposits will be made. The bank must have the capability of receiving and sending wire transactions, ACH
transactions, electronic check image deposits, and routine deposits through the Pooled Cash Account.
The City averages approximately 600 checks, 550 payroll direct deposit ACH payments, and 1,000 utility
bill customer ACH deposits, per month through the Pooled Cash Account, which is utilized to issue vendor
payments and biweekly payroll disbursements. The last 9-month's actual activity is presented in the
Exhibit 1. There is no reason to believe that the activity will significantly increase or decrease over the
term of the initial contract period. Checks are prepared once a week to pay current city expenses. Payroll
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is processed bi-weekly. These checks are dated and issued on Friday with an occasional manual check
issued to pay bills under extenuating circumstances. The cash balance maintained in the Pooled Operating
Cash Account varies with compensating balance requirements, and may be less in a higher interest rate
environment.
EMS Lockbox Account. This account is a demand deposit account used for EMS billing payments through
Lockbox services and ACH deposits. This account was set up in conjunction with the City's EMS Billing
Services Contract, and will remain with the City's current depository bank as long as the EMS Billing
Services Contract remains with the current provider.
Sanitation Debt Service Fund 409 Account. This high yield savings account is used to receive monthly
transfers amounting to approximately 1/12th of each year's total debt service requirements through which
the sanitation system remits its debt service obligation.
General Obligation Debt Service Fund 411 Account. This account is a high yield savings account used to
segregate remittances of collected taxes received from the City's tax collection agency, and through which
tax supported debt services obligations are remitted.
Utility System Debt Service Fund 412 Account. This account functions as a high yield savings account
used to receive a monthly transfer of funds amounting to approximately 1/12th of each year's total debt
service requirements, from the Utility Operating Fund through which that fund's debt service obligations
are remitted.
The City reserves the right to open or close any number or type of accounts as it deems necessary through
the term of the Depository Services Contract. Any services not listed, but later requested by the City, will
be charged for at a mutually agreed upon fee. Fees bid are fixed for the entire contract period. No
additional setup fees or software fees shall be charged if the Depository Bank merges or is acquired by
another bank.
B. Services and Volumes. The services which should be made available to the City include, but are
not limited to, the items that are identified in Appendix 1, Bank Service Requirements, and Appendix 2,
Other Bank Services. Exhibit 1 has been included to provide additional bank information regarding
transaction volumes that should be helpful in responding to this Depository Application. The City also
requires check-cashing services for the City and its employees at no charge.
To maximize control and investment opportunities, the City requires daily access of its bank accounts to
obtain balance information. The most desirable access would be accomplished by computer via the
Internet. The information to be contained in the report should be for the previous business day and
include: ledger balance, collected balance, total credits, total debits, and detail debits and credits, current
day disbursements, including check numbers (if available) as well as current day incoming or outgoing
wires and ACH transactions and Positive Pay exception reports, if any. The system shall also allow online,
inter- and intra-bank transfers, ACH, stop payment, and wire transfer origination instruction processes
with user-defined security requirements. The controlled disbursement presentation notification should
also be accessible through Balance Reporting. This information should be available and accessible by 10:00
a.m.
C. Collateral Required. The balances maintained in all accounts must be collateralized in the same
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manner and under the same stipulations as outlined in the Pledge Requirements section. The maximum
ledger balances are estimated to be $20,000,000 in the aggregate. The average ledger balances are
projected to be in the range of $3,000,000 to $15,000,000.
D. Bank Statements. Bank statements shall be rendered on line within two (2) working days and bank
statement through mail within five (5) working days after the close of the calendar month. The statement
shall include debits and credits made on the last day of the period and the detail items. Checks paid are
to be in numerical order. Bank Statements should be available in PDF format through the bank's online
access, and are required for all accounts by the City. In addition, the monthly activity for the Pooled
Operating Cash Account must be downloadable into Microsoft Excel through either a CSV or text file
format.
E. Method of Payment and Reporting. The City intends to pay for all services provided by the
institution as set forth in Section IV. B. and Appendices 1 and 2. The method to be used for the payment
of these services shall be the direct payment method to the extent that the cost of services exceeds the
earnings credit amount generated by account balances.
The City shall require account analysis statements on a monthly basis by individual account and at group
level which will reflect average ledger balance, average uncollected funds, average collected balance,
reserve requirement, average available balance, rate and amount of earnings credit, and detail of services
provided with quantities and unit fees for each to arrive at a total service cost.
The compensating balance in the City's Pooled Operating Cash Account that is required to eliminate
and/or reduce banking services charges should be communicated to the City's Director of Finance on a
monthly basis. Settlement of the excess/deficient condition, if any, as reflected by the group level account
analysis is to occur on a monthly basis. Please submit a sample of the monthly account analysis statement
that will be provided to the City as Attachment A.
F. Availability of Funds. Please provide a schedule and detailed explanation of funds availability,
showing both time and day of availability, and specify the institution location to which the availability is
applicable. If more than one availability schedule is applicable, provide both. Please submit the
availability schedule(s) as Attachment B.
G. Interest Rates. The collected balances in each account should be accessible through online
banking inquiry and shall be available for investment at the option of the City. Funds in high-yield interest
bearing accounts shall earn interest at the rate paid on interest bearing accounts. Please provide an
explanation of the institution's policy and methodology used in setting rates paid on high-yield interest
bearing accounts. Indicate if they are based on a market rate such as T-Bill discount or yield rate, or the
federal funds rate, etc., and when the rates are changed. Also, please provide a historical schedule of rates
paid on this type of interest bearing account. Please provide the interest rate information as Attachment
C.
H. Research Requests. The City requests that all research requests be responded to within three
business days of the request.
I. Bank Errors. Bank errors resulting in lost interest to the City will be reimbursed by the Bank to the
City. The method of reimbursement will be agreed upon by the Bank and the City.
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