Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Approving And Authorizing The Appropriate City Officials To Execute An Agreement With The Highest Ranked Firm, Wells Fargo Bank, N.A., For Banking Services For A Term Of Six Years With Three Two-Year Renewal Periods For An Estimated Annual Amount Of $95,000.00.
Strategic Plan Focus
Financial Management & Administration
Body
Staff Recommends: Approval of the attached Resolution.
Explanation:
The Department of Financial Services requires a firm to provide full banking services. The City currently has a contract with Wells Fargo Bank, N.A. which expires on July 31, 2022.
On March 9, 2022, Request for Proposals Number RFP-4718-22-SS (RFP) was electronically advertised on BidSync.com to solicit the desired banking services in accordance with Section 38.43(A) of the Procurement Code.
The RFP resulted in proposals from the following five firms by the response due date of April 7, 2022:
JPMorgan Chase Bank, N.A. (Miami, Florida)
PNC Bank, N.A. (Fort Myers, Florida)
Synovus Government Solutions (Naples, Florida)
TD Bank, N.A. (Clermont, Florida)
Wells Fargo Bank, N.A. (Fort Lauderdale, Florida)
On April 25, 2022, a Selection Committee comprised of City staff met to evaluate and rank the proposals based upon the following approved Evaluation Criteria established in the RFP: (1) Bank Qualifications, Experience, Resources, and References, (2) Quality and Adequacy of Products and Services Offered, (3) Products and Service Costs, (4) Earnings Credit Rate on Compensating Balances, Excess Balance Earnings Rate, and Any Other Compensating Credits.
Based on the Evaluation Criteria, the Selection Committee evaluated the five proposals, and the scores were compiled to arrive at the following rankings:
1. Wells Fargo Bank, N.A. Ranked No. 1
2. JPMorgan Chase Bank, N.A. Ranked No. 2
3. TD Bank, N.A. Ranked No. 3
4. Synovus Government Solutions Ranked No. 4 - Tied
4. PNC...
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