On July 20, 2011 the City Council approved Resolution 94-11 authorizing the execution of a Commercial Banking Services Agreement with Branch Banking and Trust (BB&T).  The Commercial Banking Services Agreement with BB&T provided for an initial term of three (3) years plus two (2) optional one-year extensions. BB&T notified the City in April 2014 that the bank did not desire to execute the contractually provided, one-year extension.  The City issued a Request for Proposals (RFP 455-14) for Banking Services on July 1, 2014 and received only one response resulting in cancellation of the solicitation. 

The City issued Request for Proposals (RFP 503-15) for Banking Services on February 8, 2015. The Evaluation Committee met on March 27, 2015 to review and to discuss the six responses to RFP 503-15 and identified the top three proposals for oral interviews. On April 22, 2015 the Evaluation Committee interviewed the top three ranked banks and recommended Well Fargo Bank be awarded the Banking Services contract.  On September 16, 2015 the City Council rejected the recommendation  to award the Banking Services contract to Wells Fargo Bank and further instructed the staff to reissue the RFP to include as an evaluation criteria local commitments by the proposing banks.

 The Purchasing Manager informed the City Council on December 2, 2015 that the banking service needs would be separated into multiple RFP’s to provide for enhanced competition. The City solicited Request for Proposals (RFP 670-16) for the provision of Banking Services and three (3) banking institutions responded.  On June 28, 2016 a City Evaluation Committee evaluated the written proposals submitted by said banking institutions.  TD Bank, N.A. (TD Bank) was determined to be the number one proposer.  The City desires to enter into a Cash Management Master Agreement with TD Bank for the provision of banking and depository services for the City.