Request for Proposals
The Town is seeking services for the Town's checking account services from a bank within the Town limits. The proposing bank must be an APA (Auditor of Public Accounts) listed financial institution. Funds are Public Municipal Funds and deposits must be FDIC insured and collateralized in accordance with APA regulations. See Section "Excerpts From The Virginia Security for Public Deposits Act" below for depository requirements for the State of Virginia.
The Town uses primarily two main checking accounts for operations and payroll processing as well as several small accounts that are segregated for special use. The Town issues 550 checks a year and 1430 direct deposits on its Payroll account totaling $2 million and issues 2,500 checks a year on its Operating account totaling $8.7 million. The Town keeps an average balance of $12,000 in its Payroll account and an average balance of $500,000 in its Operating account.
Interested firms should submit three (3) printed copies and one electronic (.pdf} copy of their proposal, clearly labeled Banking Services, no later than November 3, 2017 at 2:00 p.m.:
Office of the Town Manager
Town of Rocky Mount Municipal Building
345 Donald Avenue
Rocky Mount, VA 24151
The selection of the successful firm will be done by competitive negotiations in accordance with the Virginia Procurement Act.
Submittals should contain:
• A cover letter, not exceeding two pages
• Concise informative responses to each of the evaluation criteria listed below