Banking and depository services are currently provided to the City of Riviera Beach by TD Bank. The City and TD Bank executed the initial agreement in 2016 and the parties are now entering into the second of two one-year annual renewal option periods. Whereas a banking transition can take up to twelve months to complete, the City solicited Request for Proposals (RFP 987-20-1) for the provision of banking and depository services. Three banking institutions (SunTrust Bank “Truist”, TD Bank, and Synovus) submitted responses to the RFP.  On May 21, 2020 a City evaluation committee reviewed, discussed and scored the three (3) written proposals submitted. On June 4, 2020, SunTrust Bank “Truist”, TD Bank, and Synovus were invited for oral presentations before the evaluation committee to discuss their approach and ability to meet or exceed the service requirements of the City, their business operation, and their fees and qualifications to the evaluation committee. Considerations for banking services included the best combination of interest earnings rates (earnings Credit Rate or ECR), compensating balance requirements, prior government experience, and additional incentives.  After due and careful consideration, SunTrust Bank “Truist” was ranked the highest by the City’s evaluation committee.

As recommended by the evaluation committee and the Procurement Director, the City desires to enter into an agreement with SunTrust Bank “Truist Bank” for the provision of banking and depository services for the City in accordance with the terms and conditions specified in the Treasury Management Master Agreement.

Two of the evaluation criteria used by the evaluation committee were proposed banking services fees and the Earning Credit Rate (ECR).  On both criteria, SunTrust proposed superior offerings to the City. The SunTrust fee proposal was 17% below the second lowest fee structure proposed, and the SunTrust ECR was 15% higher than the second highest rate proposed.  Combining the lower fees and the higher ECR, the SunTrust proposal will net the City approximately a $30,000 benefit.  The total projected annual cost under the agreement is $53,688.