SPRINGFIELD TOWNSHIP, HAMILTON COUNTY, OHIO
REQUEST FOR DEPOSITORY/BANKING SERVICES PROPOSALS
FOR THE PERIOD OF 8/23/2016-8/23/2021
Springfield Township, Hamilton County, Ohio, hereby invites banking institutions that maintain a full service banking office within the geographical limits of the Township to submit proposals for the required depository and banking services for active deposits.
The depository agreement will be for a term of five years commencing on August 23, 2016 and ending on August 23, 2021. The successful depository will be awarded by the Township Board of Trustees in its regular meeting on August 9, 2016. All submittal institutions will be notified of the award by August 12, 2016.
Springfield Township, Hamilton County, Ohio (the Township), is a political subdivision established in 1795 to exercise the rights and privileges conveyed to it by the constitution and laws of the State of Ohio. The Township is directed by a publicly elected three-member Board of Trustees and managed by the Township Administrator. The Township has an elected Fiscal Officer. The Finance Director is the employee charged with daily management responsibilities for Township funds.
Springfield Township has an average daily cash balance of $17,000,000 to $19,000,000 and a bi-weekly direct deposit payroll averaging $205,000.
The Township’s account requirements are as established by Ohio Revised Code 135.01 to 135.21 and include: 1) Daily Commercial Account for Active Funds, secured by Treasury Notes or cash with daily collateralization verification statements; and 2) Interest Bearing Overnight Repo/Sweep Account, secured by Treasury Notes or cash with daily collateralization verification statements.
Banking institution must be an eligible public depository as specified in Ohio Revised Code 135.03 and be a member of F.D.I.C. or F.S.L.I.C.
The criteria for evaluating the proposals will be based upon a combination of:
- The interest rate quoted;
- The extent and convenience of services to be provided, including but not limited to the “Requirements for Consideration” listed below;
- Service fees, charges and other costs;
- The formula used in calculating the interest earnings;
- Background and experience of banking institution to provide quality service to like public entities; and
- The internal cost associated with changing depositories.
The successful financial intuition awarded a depository contract for the active deposits for Springfield Township shall provide:
- Quarterly verification of dedicated or pooled collateral as of the close of business on the last banking business day of March, June, September, and December. Verification of the pooled collateral will be via copies of the collateral pool report as provided by the trustee bank(s); and
- Annual and quarterly financial reports showing the profit and loss of the bank and its latest published report of condition as submitted to the Comptroller of Currency or the Superintendent of Banks.
REQUIREMENTS for CONSIDERATION
1. Account Executive/Individualized Customer Service Representative - a specific employee and alternate is assigned to the Township
2. List of per item charges (if any) for each service, or state specific services provided with no charges or fees
3. Preparation of monthly statements with check or check image
4. Secure Internet Banking
5. Payroll Direct Deposit
6. Wire service
7. Incoming and outgoing ACH/EFT services with detail
All proposals must be delivered to the office of the Board of Township Trustees, 9150 Winton Road, Cincinnati, Ohio, 45231, on or before 2:00 p.m. on July 26, 2016, submitted in a sealed envelope marked “Depository Application,” and addressed to the Fiscal Officer of Springfield Township.
The most current financial statement for each banking institution and a cover letter with the name of the person to whom questions may be directed in regard to the proposal MUST be submitted with each proposal. Failure to provide this information may disqualify the proposal.
Any questions should be directed to Kim A. Cox, Finance Director, at 513-522-1410.