The City of Modesto is seeking proposals for banking services from financially secure Federal or State chartered banking institutions that can offer the highest quality of service at the lowest overall cost to the City. The City’s primary banking relationship is currently maintained at Bank of Montreal (BMO). The City has determined that it is appropriate at this time to formally solicit proposals for its banking arrangements in order to establish a new contract, commencing in mid-2026. The City wishes to create efficiencies; make improvements, where possible; and take advantage of new, applicable technologies. The City intends to maintain all banking services with one financial institution to maximize cash flow and minimize administrative costs. As such, banking services proposals must include all services currently utilized by the City. Proposals for partial services or a different financial system will not be considered. This RFP does not cover any other services, such as custody services, certificates of deposit, investments, or bond trustee services.
