It is recommended that the Mayor and City Commission approve the Resolution authorizing the Administration to negotiate an agreement for banking services with JP Morgan Chase Bank, N.A., as the top ranked proposer to the RFP. If the Administration is not successful in negotiating an agreement with the first-ranked proposer, the Resolution authorizes the Administration to negotiate with Truist Bank, as the second ranked proposer. If the Administration is not successful in negotiating an agreement with the second-ranked proposer, the Resolution authorizes the Administration to negotiate with Wells Fargo Bank, N.A., as the third ranked proposer. The Resolution also authorizes the City Manager and City Clerk to execute an Agreement upon conclusion of successful negotiations by the Administration and the City Attorney’s Office. Further, the Resolution authorizes a month-to-month extension of the current agreement with Truist Bank, until such time as a new agreement can be executed and the banking services have been transitioned to the new service provider.

On November 14, 2012, the Mayor and City Commission approved the award of an agreement with Suntrust Bank for five (5) years, with five (5) one (1) year renewal options, for various banking services. Suntrust Bank has merged with BB&T Bank and is now known as Truist Bank. The current agreement expires December 2021.

Through the RFQ, the City sought proposals for a subsequent agreement.

On February 10, 2021, the Mayor and City Commission approved the issuance of Request for Qualifications (RFQ) 2021-090-KB for Various Banking Services.  RFQ responses were due and received on April 23, 2021.  The City received proposals from the following three (3) firms: JP Morgan Chase Bank, Truist Bank, and Wells Fargo Bank.

On July 8, 2021, the Evaluation Committee appointed by the Interim City Manager convened to consider the proposals received.  The Committee was comprised of Evelyn Giles, Revenue Manager, Finance Department; Tameka Otto-Stewart, Director, Office of Management and Budget; Sara Patino, Treasury Manager, Finance Department; and Frank Quintana, Interim Chief Information Officer, Information Technology Department. The Committee was provided an overview of the project, information relative to the City’s Cone of Silence Ordinance and the Government Sunshine Law. The Committee was also provided with general information on the scope of services and a copy of each proposal.  The Committee was instructed to score and rank each proposal pursuant to the evaluation criteria established in the RFQ.

The evaluation process resulted in the proposers being ranked by the Evaluation Committee in the following order (See Attachment A):

1^st ranked - JP Morgan Chase Bank

2^nd ranked - Truist Bank

3^rd ranked - Wells Fargo Bank

Below is a brief summary of the proposals based on information provided by each firm:

Summary of JP Morgan Chase Bank

J.P. Morgan Chase has the scope and scale necessary to provide leading treasury solutions to the City. J.P. Morgan has provided comprehensive depository, disbursement, payable, and cash management services for more than 200 years and are precisely positioned to delivering value and industry leading practices to the City. With more than 1,880 government clients, the firm is one of the world's most capable providers of treasury management services while providing local coverage, government expertise and dedicated client service.

J.P. Morgan Chase is proud to have provided various financial services to the City for over 10 years. J.P. Morgan Chase understands that careful attention to quality and client service is the key difference in maintaining a strong relationship with our clients. The firm believes this critical component is what differentiates it from the competition and has made it a market leader in providing treasury services to public sector clients. The firm believes the City can be confident that it will be supported by an experienced and accessible team with a consultative approach and a strong commitment to understanding its needs and delivering solutions that exceed expectations.

J.P. Morgan Chase commercial card services solution provides a streamlined means to pay, authorize, track, and most importantly reconcile the City’s purchases while eliminating costly manual processing on low value and high frequency purchase transactions. Further, in 2020, J.P. Morgan’s technology spend budget was $12 billion on investments in technology with a focus on electronic payments, cyber-security, and fraud protection.

J.P. Morgan Chase differentiates itself through excellent implementation and project management, as well as exemplary client service. These are critical components for the successful implementation of the banking services. From the time the business relationship is initiated, through the implementation of our products and ongoing support, the City will experience consistent and responsive service that is provided with personal attention.

Finally, J.P. Morgan Chase’s corporate citizenship initiatives in Florida help build and sustain a strong community. As a financial services provider to both consumers and businesses Florida, the firm takes corporate and civic responsibility seriously, and understand that its commitment to local communities extends directly to its constituents as. In 2019, J.P. Morgan Chase contributed over $4.9 million to nonprofits in Miami-Dade County. In addition, J.P. Morgan Chase employees in Miami-Dade County donated 1,700 volunteer hours to local nonprofit organizations.

Summary of Truist Bank

On Feb. 7, 2019, SunTrust Bank, Inc. and Branch Bank & Trust Corp. (BB&T) announced a “merger of equals” to create Truist Bank. Truist Bank is a purpose-driven company dedicated to building a better future for its clients, teammates and communities and is now the sixth largest U.S. bank holding company, serving more than 10 million U.S. households. Building on 275 years of combined history and culture, Truist will offer additional size and scale, redefine the client experience through innovative technology, and create meaningful change in its communities. The merger officially closed on Dec. 6, 2019. The direct value this brings to the City’s banking services requested in the RFQ is a community minded bank that over the life of the proposed contract will undergo enhancements to its online banking capabilities and technology to best serve the City.

Truist Bank offers a unique blend: it provides a local market-based relationship team that understands the City’s business and has product expertise, stringent quality control, and knowledgeable customer service and on-call consultative specialists. These factors combine to provide added value for each banking dollar spent. The firm’s aim is to provide the perfect client experience. This added value, coupled with our financial strength and stability, makes Truist a solid solution to all banking needs.

The bank’s principle of “Client First” and its “One Team” approach are the driving values that enable it to service its clients with a dedicated team, focused on providing quality service and proactive account management. The local team will continue to be led by Dane Sheldon, as government banking relationship manager, Maria Roman, as the treasury consultant, Kaivon Rad, as the commercial card relationship manager, and Mercedes Villaverde, as the dedicated client support representative. Truist Bank aims to listen closely and build relationships based on the City’s goals and needs and deliver tailored solutions via a single integrated team.

Summary of Wells Fargo Bank, N.A.

Wells Fargo has made a significant commitment to serving Florida municipalities, school districts, the State and its agencies, and other governmental entities with a broad range of products and services that include treasury management, depository, merchant services, and credit card solutions. Wells Fargo’s commitment is supported by the breadth of its market presence, capital strength, and a Community Reinvestment Act (CRA) rating of “Outstanding” in the State of Florida. Wells Fargo places a premium on customer service and customer relationships and have continually relied upon this in building our government banking relationships. The firm believes it can deliver a complete scope of financial solutions that speak to the City’s needs, as outlined in the RFQ. Wells Fargo’s Government Banking team works with approximately 4,000 customers across its footprint of 39 states and the District of Columbia, including the State of Florida. Stephen Lenehan, the relationship manager, and Jackie Kobialko, the treasury management consultant, have more than 41 years of combined government finance experience. They will be available for onsite problem resolution and consultation throughout your relationship with Wells Fargo.

Wells Fargo is committed to having sufficient resources available every day to service the City’s needs. Wells Fargo works with many local governments in the State of Florida and pledges to continue working closely with the appropriate areas of the City to bring ideas and maintain a strong partnership. Wells Fargo understands the scope of services to be performed and commit to performing these services to the City’s satisfaction on a timely basis. Wells Fargo recognizes that, in order to be successful, it must not only offer the correct products to meet the City’s needs, but also provide high-quality service. Wells Fargo is committed to the City to provide superior customer service and progressive technological interaction. Wells Fargo understands the scope of services to be performed and commit to strive to perform these services to the satisfaction of the City on a timely basis.

Grant funding will not be utilized for this project. 

This is not a budgeted expense.  Fees are netted against revenues derived from interest income  It is rare, but possible, that if interest rates are low, earning credits are low, and bank balance is low, we will have to pay.

If the City is required to make payment to the awarded firm, the account to be used is 011-8000-361111-00-309-353-00-00-00- ( Invest/Operating Fees).  This is a revenue account. 

After reviewing all of the submissions and the results of the Evaluation Committee process, I concur with the Evaluation Committee and find JP Morgan Chase Bank to be the best-qualified firm to provide the banking services required by the City.

Some of the highlights of JP Morgan Chase Bank, N.A. experience and qualifications include:

·         JP Morgan Chase Bank has vast experience in banking services with government entities such as West Palm Beach, State of Florida Department of Financial Services, City of St. Petersburg, and Osceola County Tax Collector.

·         JP Morgan Chase Bank’s has robust fraud program that includes the use of artificial intelligence to detect changes in patterns of transactions.

·         JP Morgan Chase Bank’s 12-billion-dollar investment in technology and cybersecurity is impressive.

I also find Truist Bank, the second-ranked proposer, and Wells Fargo Bank, the third-ranked proposer, to be well qualified and viable options in the event that negotiations with JP Morgan Chase Bank are not successful.

Accordingly, I recommend that the Mayor and City Commission approve the Resolution authorizing the Administration to enter into negotiations with JP Morgan Chase Bank, N.A., as the top ranked proposer; and, if the Administration is not successful in negotiating an agreement with JP Morgan Chase Bank, N.A., authorizing the Administration to enter into negotiations with Truist Bank, as the second ranked proposer; and, if the Administration is not successful in negotiating an agreement with Truist Bank, authorizing the Administration to enter into negotiations with Wells Fargo Bank, N.A., as the third ranked proposer. The Resolution also authorizes the City Manager and City Clerk to execute an agreement, upon conclusion of successful negotiations by the Administration, as well as the month-to-month extension of the current agreement with Truist Bank until such time as a new agreement can be executed and the banking services have been transitioned to the new service provider.