INTRODUCTION The City of Spartanburg, South Carolina (hereinafter referred to as “city”) is soliciting banking services proposals on a competitive basis for the period of July 1, 2025 to June 30, 2030. All banking institutions interested in responding to the city’s request for proposals regarding banking services must adhere to the guidelines contained herein. GENERAL PROVISIONS Please indicate on the envelope that a proposal for banking services is enclosed along with bid numbers. Under the provisions of the Freedom of Information Act, all proposals become public information after the award unless you specially request that the Trade Secrets Clause of the Freedom of Information Act be enforced. A decision on the successful proposal will be made and rendered to the responsive financial institution meeting the specifications desired by the city. Although cost will be a consideration, the award will be based on the cost consistent with the quality of service needed for effective use. Listed below are other general provisions that must be followed by all financial institutions responding to this request for proposals: 1. Each financial institution must submit their proposal based on Attachment A-1 and by providing the information requested in the RFP. 2. In the event that deviations are a must from the enclosed banking services required, the respective financial institution should note the exceptions in detail. Specifically, precise specifications should be attached for any substitutions offered or when amplifications are desirable or necessary. 3. The city reserves the right to reject any part of the proposal or the proposal in its entirety if the city deems it advisable in protecting its best interest. 4. The financial institution that is selected will sign a five (5) year contractual agreement approved by City Council, with services beginning on July 1, 2025. The signed contract will be reviewed each year in the month of March and will expire on June 30, 2030 and will include a one-year extension option. The contract may be terminated by either party during any contract year by providing at least 90 days written notification. 5. All of the city’s deposited funds must be 100 percent collateralized by federal, state, or municipal securities consistent with the South Carolina State Code. Institutions responding to this request for Proposal (RFP) must be insured through the Federal Deposit Insurance Corporation (FDIC), and must be able to demonstrate a capacity to meet the city’s requirements as stated in the RFP. 6. Balances maintained with the bank in separate, non-interest bearing accounts required by federal, state, or city regulations shall be counted towards the city’s compensating balance requirement.
