Banking Services

The City of Pasadena (City or Pasadena) is seeking professional Banking Services from qualified firms as outlined in this RFP. The scope of this solicitation will encompass all general and payroll accounts.

The financial institution must be a federal or state-chartered banking entity as defined in the State of California Government Code and be a qualified depository of public funds pursuant to California Government Code Section 53648. The institution must collateralize the City's deposits pursuant to all applicable sections of the California Government Code as well as enter into a collateralization agreement for public funds. The institution must have at least a "satisfactory" Community Reinvestment Act (CRA) rating and have at least a satisfactory rating from a nationally recognized bank rating service. The proposing financial institution must also have a full-service branch location within the limits of the City of Pasadena and provide a dedicated governmental services unit.

Pasadena is a Charter City, incorporated in 1886, and operates under a Council-Manager form of government. Pasadena is an ethnically diverse community that is home to approximately 140,631 people making it the 183rd -largest city in the United States. Pasadena is the ninth-largest city in Los Angels County. It is one of the primary cultural centers of the San Gabriel Valley. The City covers approximately 22.5 square miles, with an average of ten residents per acre. The median age of its residents is approximately 36.9 years. There are over 100,000 jobs in a wide variety of industries in the City of Pasadena.

The City of Pasadena currently maintains is primary commercial banking Relationship with one depository institution. In Fiscal Year 2025 (July 1 2024-June 30, 2025) the City total spending budget was $1.5 billion. The City averaged approximately $1 million per day in credit transactions and an approximate equal amount of total debit transactions.

The intent of this competitive selection process is to provide qualified financial institutions an equal opportunity to submit a proposal to provide services for the City's extensive banking operation.