The City has completed its due diligence in selecting a new Banking Services Provider. The City issued a RFP and provided all banks with notice of our intent to enter into a new banking relationship to provide treasury services. RFP 23-022 received interest from several firms, some of which attended a pre-bid meeting held in City Council Chambers. A total of five responses were received, viewed, and ranked by the selection committee. The top four banks selected to make a presentation to the committee were TD Bank, Synovus, South State Bank and Truist. The presentations were evaluated based on the following criteria:
· Approach to services and ability to meet or exceed requested services
· Banks mission and commitment to Redevelopment
· Bank and teams experience with municipalities
· Pricing, fees, and rebates
· Technical soundness of the presentation
At the conclusion of the presentations, the committee ranked South State Bank as the most favorable bank. South State offers an interest rate equal to the Federal Funds Rate minus 33 basis points and is effective for the entire term of the contract. The rate is currently at 5%. The bank has agreed to waive all fees for treasury services. Additionally, if South State Bank is selected armored car services will be covered at the cost of the bank, which is approximately $3,400, annually.