Title
Consideration to Award the Banking Service Contract to BB&T (Branch Banking & Trust)
Body
Item Summary:
RFQ09-041J was issued and six responses were received. Three banks were selected to present oral presentations to the evaluation committee. The three banks were Wachovia, Bank of North Georgia, and BB&T. BB&T is the most responsive responsible proposer to perform the duties for banking services for the City of Roswell per the evaluation. The selection was based on the response to the RFP and the oral presentation. The services to be provided are a secure portal for web-based reporting system which includes the daily reporting of ledger, collected and available balance, with printing capabilities of documents on the screen, cleared check images, concentration and zero balance accounts daily interaction reporting, wire transfer, Automated Clearing House, Electronic Funds Transfers, remote deposit, City origination of stop payments, deposit item imaging, and investment portfolio reporting. In addition the bank must have a robust disaster recovery plan.
The term of the contract is for three (3) years and can be extended for two (2) additional one-year terms by mutual consent of the parties. At the October 6th committee meeting, staff was requested to provide additional information regarding BB&T's safekeeping services and community involvement. At the November 9th Committee meeting Councilman Orlans requested the Evaluation Committee provide the three leading indicators for a bank's financial health for Synovus since it is the holding company for the Bank of North Georgia.
At the December 21, 2009 Mayor & Council meeting this item was deferred for further discussion at the next Administration, Finance and Receration & Parks Committee meeting.
Committee or Staff Recommendation:
Financial Impact:
Presented by: