Financial Institution-Banking

Agency:	State Government of Arkansas
State:	Arkansas
Type of Government:	State & Local
NAICS Category:	541611 - Administrative Management and General Management Consulting Services
Posted Date:	Feb 12, 2026
Due Date:	Mar 5, 2026
Solicitation No:	SAC-IFB-2526002
Original Source:	Please Login to View Page
Contact information:	Please Login to View Page
Bid Documents:	Please Login to View Page

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SOUTH ARKANSAS COLLEGE

INVITATION FOR BID

SAC-IFB-25/26-002

Page 1 of 17

Purpose of Contract

South Arkansas College hereinafter referred to as SouthArk or as the College submits this Invitation for

Bids (IFB) for the purpose of contracting with a financial institution herein referred to as Depository.

The financial institution will serve as the Depository for the College and provide additional services as

described in this document.

Term

The term, resulting from this IFB, shall be for a period of four years beginning on July 1, 2026, and

ending June 30, 2030 with an option to renew services on January 31, 2030 annually up to and ending

on June 30, 2033.

Eligible Financial Institutions

Institutions eligible to submit bids are state, national banking or savings and loan corporations that are

licensed by the Arkansas State Banking Commission, the deposits of which are insured by the Federal

Deposit Insurance Corporation. Additionally, the bidder must have a full-service office located within

the city limits of El Dorado, Arkansas.

Service/Items Required

The following services/items will be provided by the Depository at no charge to SouthArk:

A. All College accounts will earn interest (interest bearing).

B. The Depository shall process stop-payment requests (estimated at 45 per year).

C. The Depository shall provide eight bank bags and two locking bags for the College.

D. Provide monthly bank statements with cancelled checks. Checks shall be sorted in

numerical order. Statement ending date shall be the last day of each month. The bank

statements will be available no later than the first working day of the following month.

E. Process wire transfers (approximately 10 per year) for the College.

F. Provide standard business carbonless deposit slips as follows:

Accounts

General

Millage

Slips Per Year

800

SOUTH ARKANSAS COLLEGE

INVITATION FOR BID

SAC-IFB-25/26-002

Page 2 of 17

G. Provide limited overdraft protection. The College intends to maintain balances sufficient to

cover all draws against its accounts; however, the Depository is requested to provide limited

overdraft protection should an error occur.

H. Provide research services up to thirty transactions per year.

I. Provide non-sufficient fund check coverage.

J. SouthArk shall be provided with the capability to generate on-line ACH electronic debits

from its campus.

K. The Depository shall provide a contact employee for assistance that the College may need.

L. The Depository shall provide electronic (on-line) transfers among any of the College

accounts without an additional charge.

The College will provide checks for its General and Payroll accounts.

Additions/Deletions

The College reserves the right to add or delete similar items/services specified in the IFB as

requirements change during the period of the contract.

College Funds

The College reserves the right to place funds in either time deposits or demand accounts based on the

needs of the College. The number and type of individual accounts may vary from those listed due to

changing federal and state funding.

Demand Accounts

The Demand Accounts are used for the operations of the College. The demand accounts currently

maintained by the College are listed and detailed in Attachment A.

A. Bidders should indicate interest rate available for the demand deposits in Attachment A.

B. Interest is to be paid monthly, and is to be computed on a 365-day year basis with no

compounding. Interest rates are to be adjusted at least on a monthly basis.

Bid Submission and Information Date

Sealed bids will be received by South Arkansas College until 2:00 p.m. local time, Thursday March 5,

2026, at which time all bids will be opened and read. Site of the opening will be in Facilities

Management Conference Room, South Arkansas College, 421 West Wesson Street, El Dorado

Arkansas. Please address or hand deliver all bids to:

Ms. Allison Dolden

Procurement Manager

South Arkansas College

421 W Wesson St

P.O. Box 7010

El Dorado, AR 71731-7010

SOUTH ARKANSAS COLLEGE

INVITATION FOR BID

SAC-IFB-25/26-002

Page 3 of 17

Please mark the exterior of the envelope as follows: “College Depository Contract Bid”.

Bid Review Timeframe

All quotations shall remain firm for a period of no less than thirty (30) days following the date of the

bid opening.

Contractor’s Obligation to Indemnify, Hold Harmless and Defend

The Depository will indemnify, hold harmless and defend the College, its Board of Trustees and

employees against all liability, claims and costs of whatever kind and nature for injury or death of any

person or persons and from loss or damages to any property occurring in connection with or in any way

incident to or arising out of the occupancy, use, service, operations, or work in connection with this

agreement, resulting in whole or in part from the negligent acts or omissions of the Depository, its

employees, agents, or representatives.

Reservation

This IFB does not commit the College to make an award. Further, the College reserves the right to

accept or reject, in part or in its entirety, any or all bids received, to rebid if deemed necessary, and to

investigate any or all bids as required.

Assignment/Subcontracting

The Depository shall not assign or transfer any interest in the contract (whether by assignment or

novation), and shall not subcontract, without the prior written consent of the College.

Bid comparison for Award

The amounts reflected on the Bid Form will be used for determining the successful bidder. Bidders are

requested to complete the form in its entirety.

Credit Card

SOUTH ARKANSAS COLLEGE

INVITATION FOR BID

SAC-IFB-25/26-002

Page 4 of 17

The College accepts Visa/MasterCard, and American Express and requests that the Depository accept

sales drafts. SouthArk asked the bidders to indicate the percent charged for processing of the credit

cards on the Bid Form of this document. Listed below is information pertaining to credit card

transactions for the period January 2025 through December 2025:

Visa/MasterCard:

Transactions -

-Number

-Amount

Sales

1186

$ 360,846

American Express:

Transactions -

-Number

-Amount

Sales

$ 17,536

Discover:

Transactions -

-Number

-Amount

Sales

$ 11,250

Square:

Transactions -

-Number

-Amount

Sales

5116

$ 167,411

Collateralization

Collateralization will be as required by the State of Arkansas and the College as explained herein:

A. All deposits of the College must be secured by collateral or surety bond.

Checking Account >250,000

Certificate of deposits >250,000

B. All deposits are to be secured by a pledge of the financial institution’s assets in such a

manner as to confer a preferred status on the College’s funds.

C. This collateralization will be accomplished according to the following:

1. Basis of valuation of collateral: Market Value

SOUTH ARKANSAS COLLEGE

INVITATION FOR BID

SAC-IFB-25/26-002

Page 5 of 17

2. Pledging ratios: 100%

3. Eligible Collateral:

a. Direct obligations of the United States Government

b. Obligations guaranteed by the United States and those of federal agencies

c. Direct Obligations of the State of Arkansas

D. Eligible Custodians:

1. The Federal Reserve Bank

2. Branch(es) of the Federal Reserve Bank

3. Correspondent bank(s)

4. The Federal Home Loan Bank

E. Pledge Agreement

1. A pledge agreement, safekeeping receipt, will be issued to the College which conforms

to the conditions above and includes the following provisions:

a. The Depository bank’s affirmation that it has the power to pledge collateral,

b. The certification that the pledged collateral is in the possession of the named

custodians’ agency,

c. A clear indication that the custodian has responsibilities of safekeeping and

accounting, and

d. Authorization for the custodian to deliver the collateral to South Arkansas College in

the event that the deposit is not paid and ordered.

2. The Depository shall immediately furnish or cause to be furnished to the College

original and valid safekeeping or trust receipts issued by the bank holding the approved

securities pledged pursuant to this contract, marked by the holding bank on their face to

show the pledge and market value required above.

F. Surety Bonds

1. In lieu of the above collateralization requirement, the financial institution may have the

option of submitting a surety bond signed by the bank and a surety company authorized

to do business in the State of Arkansas.

2. The financial institution’s eligibility for deposits and/or investments will be restricted to

the time limits and stated dollar limits of the surety bond as stated within these

specifications

3. The value of the surety bond may rise and fall from day to day so long as all deposits of

the College are fully and wholly protected.

4. The College estimates total deposits to be approximately $12,000,000. If the Depository

elects to obtain a surety bond, the above amount should be used as the initial bond.

5. Subsequent to the execution date of this contract, should the amount of deposit exceed

that which is initially covered by corporate surety bond and pledged approved securities

said amount will be increased, and photo copies of the safekeeping receipts of the

additional securities and/or increased corporate surety bond will be provided to the

College.

This page summarizes the opportunity, including an overview and a preview of the attached documents.

Financial Institution-Banking

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