Request for Proposals for Commercial Banking Services

Transcription

1 Request for Proposals for Commercial Banking Services May 21, 2015 REQUEST FOR PROPOSALS COMMERCIAL BANKING SERVICES TULSA AIRPORTS IMPROVEMENT TRUST

2 Table of Contents Table of Contents... 2 INTRODUCTION & MINIMUM REQUIREMENTS... 3 I. GENERAL BACKGROUND... 3 II. ANTICIPATED SCHEDULE... 4 III. PROPOSAL SUBMISSION... 4 IV SCOPE OF SERVICES... 5 V. REQUIRED BANKING AND TREASURY SERVICES... 5 ACCOUNT STRUCTURE... 5 OTHER SERVICES... 7 GENERAL REQUIREMENTS & ADDITIONAL INFORMATION... 9 OTHER BANKING & TREASURY SERVICES... 9 OPTIONAL BANKING SERVICES VI. PROPOSAL REQUIREMENTS VII. PROPOSAL FORMAT VIII. QUESTIONS & INQUIRIES IX. EVALUATION CRITERIA X. EVALUATION PROCESS XI. CONTRACT REQUIREMENTS & OTHER DISCLAIMERS... 13

3 INTRODUCTION & MINIMUM REQUIREMENTS The Tulsa Airports Improvement Trust ( TAIT ) is requesting proposals from qualified financial institutions to act as the Trust s commercial bank and cash management services provider. In a separate Request for Proposals of even date, TAIT is soliciting proposals from qualified financial institutions to provide trustee, registrar and paying agent services. Please visit TAIT s website at for a copy of the RFP for Trustee, Registrar and Paying Agent services. It is the intention of TAIT to select one financial institution to provide high quality (a) commercial banking and cash management services, and (b) trustee, registrar and paying agent services. Therefore, in order to be considered, a financial institution must be able to provide both services, and respond to this Request for Proposals as well as the Request for Proposals for Trustee, Registrar and Paying Agent Services, issued by TAIT. Be insured by the Federal Deposit Insurance Corporation (FDIC); Be willing to collateralize TAIT s funds on deposit in excess of FDIC Insurance limits; Be authorized to provide trustee, registrar and paying agent services in the State of Oklahoma; Have capital stock, surplus and undivided profits aggregating in excess of Fifty Million Dollars ($50,000,000); Provide credit information from a recognizable source including, but not limited to, Moody s, Standard & Poor s, etc., or a copy of the financial institution s most recent annual report; Be able to provide all required services internally and not through an outsourcing arrangement; Maintain at least one (1) full-service branch within Tulsa County; Provide responses and documentation for all requested information. This RFP is not an offer to contract and does not commit TAIT to award business for services. Samples of reports, expenses incurred in the preparation and submission of this proposal, and other information requested shall be furnished at the expense of the proposer. Proposers understand and acknowledge that TAIT is subject to the Oklahoma Open Records Act (51 O.S. 24A.1 et seq.) and therefore cannot assure the confidentiality of contract terms or other information provided pursuant to this proposal that would be inconsistent with TAIT s compliance with its statutory requirements there under. I. GENERAL BACKGROUND The Tulsa Airports Improvement Trust ( TAIT ) is an Oklahoma Public Title 60 Trust, for which the City of Tulsa is beneficiary. TAIT is charged with developing the Airport and the Airport System to serve the aviation/aerospace needs of the region. The Tulsa Airport Authority ( TAA ) is an agency of the City of Tulsa, who, together with TAIT, is responsible for managing and operating the Tulsa Airport System which includes: Tulsa International Airport R.L. Jones Jr. Airport TAIT generates approximately $35 million in revenue each year from a variety of airport and aviation services. These services include fuel sales, terminal building, airfield, runway, cargo, ground, hangar and general aviation terminal building rentals, parking, concession sales, rental car and other miscellaneous sources. TAIT is looking for a financial institution that provides a safe, secure and efficient place to deposit revenue, disburse payments, invest excess funds, and track and reconcile the banking and investment activity of the Trust. In addition to the Required Banking Services listed below, the proposer must be authorized under both State and Federal law to provide trustee, registrar and paying agent

4 services in the State of Oklahoma, as they will be expected to provide a full range of services generally associated with the administration of trust estates for tax-exempt and taxable state and local government obligations. II. ANTICIPATED SCHEDULE The following schedule of events is provided for planning purposes only. This schedule may vary at TAIT s discretion; however, every effort will be made to adhere to the schedule. Event Deadline Issue RFP May 21, 2015 Proposers TAIT with Notification of Interest by May 29, 2015 Proposers Questions for Clarification on or before June 12, 2015 TAIT issues Clarification in writing to Interested Parties June 19, 2015 Proposals Due to TAIT on or before July 15, 2015 Selection of Finalists* on or before August 12, 2015 Interviews/Presentations (if necessary)* by August 31, 2015 Desired Conversion Date December 1, 2015 *tentative III. PROPOSAL SUBMISSION 1. Submit four (4) bound copies and one (1) electronic version of the finalized proposals by 4:00 P.M. CT on July 15, 2015, as described below. Proposals must be clearly labeled Proposal TAIT 2015 Commercial Banking Services, and received prior to the deadline. Proposals received after the deadline, date and time, will not be opened or considered. Incomplete submissions will be considered unresponsive. 2. All proposals must be signed by a duly authorized individual of the financial institution. Upon receipt, all proposals become the property of TAIT and will not be returned. 3. All proposals must be submitted in a sealed envelope or box on or before the time specified herein. Proposals will not be opened until after the time specified for proposal submission. In the event TAIT receives a container that is not identifiable as a proposal, an authorized person within TAIT may open the container to determine the contents. If the contents are determined to be a proposal, the container will be resealed and the solicitation number, opening date, and time will be noted on the outside of the container. The container will remain sealed and on file until the official time for opening. 4. Please submit clearly marked proposals to: Leann Huneycutt Airports Financial Controller Tulsa Airports Improvement Trust Tulsa Airport Terminal Building 7777 E. Apache, Suite 217A Tulsa, OK Proposal TAIT 2015 Commercial Banking Services

5 5. TAIT may request an oral presentation prior to selection. Notification will be given if such meetings are requested. 6. TAIT assumes no responsibility for expenses incurred in the preparation or delivery of proposals. 7. TAIT reserves the right to accept or reject any and all proposals or to waive technicalities or irregularities involving any proposal, request clarification of any information submitted, and negotiate with the firm selected to obtain more favorable conditions. IV. SCOPE OF SERVICES Required Banking Services Services that must be provided by the selected financial institution. Except for non-substantial deviations or acceptable alternatives, all services listed in the section are mandatory. Other Banking Services Services TAIT may consider utilizing based on functionality, availability and pricing of the service. The services listed in this section are not currently utilized by TAIT. Optional Banking Services Services not otherwise identified in this request for proposal that the proposing bank may offer to TAIT for consideration. TAIT will have the option of choosing which, if any, additional services to implement. Proposals are not required to address optional services in order to be considered an acceptable proposal. However, final selection of the successful financial institution may be partly based on the desirability and price of the additional services offered. V. REQUIRED BANKING AND TREASURY SERVICES NOTE: Please provide pricing for the Required Banking and Treasury Services. ACCOUNT STRUCTURE The following services are required for TAIT s accounts: 1. General Operating Account - Utilized for the payment of Operating Expenses (this will be a new bank account for TAIT, as Trustee currently disburses TAIT s Operating Expenses via check, ACH and occasional Wire Transfer). a. Collections 1. 1/12 th of TAIT s Annual Operating Budget will be deposited into this account via reoccurring funds transfer each month by TAIT s Trustee and Paying Agent. 2. Occasional small deposits may be made by check or by transfer of funds from other accounts. 3. NSF deposited items would occur rarely if ever. b. Services Online banking or access to document images, printing, downloading, stop payments, Positive Pay, alerts, account activity and monthly bank statements. c. Disbursements 1. Most disbursements for TAIT will be made via check or outbound ACH payment files originated by TAIT. Two or three transfers will be made from this account to our Payroll Account each month. 2. Estimate fewer than eight (8) Outgoing Domestic Wire Transfers may be initiated each month. TAIT is interested in exploring online wire transfer access if it is a cost effective option given our level of anticipated wire transfer activity. 3. Estimate fewer than 200 checks/disbursements per month. d. Average Collected Balance conservatively estimated to be greater than $600K

6 2. Payroll Account a. Collections This account will be funded by transfers from the General Operating Account, 2-3 times per month. b. Services Online access to account activity and monthly bank statements. c. Disbursements 1. All disbursements for payroll activity are facilitated by a third party payroll provider who withdraws funds via ACH to cover payroll and payroll-related taxes and disbursements. 2. No checks will be issued by TAIT. 3. Estimate fewer than 25 ACH disbursements per month. d. Average Collected Balance - $14-20K. 3. Revenue Receipts: DDA account with Wholesale Lockbox for processing receipt of TAIT s Accounts Receivable. a. Collections Volume of checks is less than 500 per month. b. Services 1. Online access to document imaging, printing, downloading, NSF/exception item processing, alerts, account activity and monthly bank statements. 2. A few items are International and may require special handling. 3. Access to local bank branch for occasional large checks or cash receipts received by TAIT. Smaller check deposits received by TAIT will be mailed to lockbox. c. Disbursements Not Applicable Accounts Receivable revenues are restricted by the Bond Indenture and must be automatically swept into a Trustee fund on a regular (daily) basis. d. Average Collected balance $77K. 4. Parking Revenue Account: A DDA account for processing daily parking receipts by TAIT s parking operator. a. Collections 1. Primarily from daily electronic deposits for parking from various bankcard providers. 2. Regular cash deposits. 3. Fewer than ten (10) deposits of checks throughout the months (less than 150 checks per month). 4. NSF deposited items are anticipated. b. Services 1. Cash Vault Deposit Processing 7-10 hours per month. 2. Cash Vault Over/Short Processing as needed. 3. Online access to document imaging, downloading, printing, NSF/exception item processing, alerts, account activity and monthly bank statements. 4. Online Banking (aka Treasury Services) 5. Regular access to local bank branch for deposits. c. Disbursements 1. Via ACH withdrawals/settlements for various bankcard transaction fees, including OTA (Oklahoma Turnpike Authority) when Pikepass is used as method of payment. 2. The net balance of account must be automatically swept into a Trustee fund on a regular (daily) basis. d. Average Collected Balance less than $1K. 5. Passenger Facility Charge (PFC) Account: A DDA with Wholesale Lockbox for processing the receipt of PFC remittances from airlines. a. Collections Volume of checks is less than 250 per month.

7 b. Services Online access to document imaging, printing, downloading, NSF/exception item processing, alerts, account activity and monthly bank statements. c. Disbursements 1. Not Applicable PFCs funds are restricted by the Federal Aviation Administration (FAA) and must be kept separate from TAIT Revenues. 2. PFC funds must be automatically swept into a Trustee fund on a regular (daily) basis. d. Average Collected balance $22K. 6. Grant Receipts Account: A DDA for receipt of direct deposit of Grant Funds from Federal, State and Local Government Agencies. a. Collections Fewer than five (5) direct deposits per month. b. Services online access to document imaging, printing, downloading, alerts, account activity and monthly bank statements c. Disbursements 1. Not Applicable Grant funds are restricted and therefore must be kept separate from TAIT Revenues. 2. Grant receipts will be automatically swept into a Trustee fund on a regular (daily) basis. d. Average Collected balance is less than $1K. 7. Special Programs Account - Utilized for the payment of TAIT s Special Programs Expenses (this will be a new bank account for TAIT, as Trustee currently disburses TAIT s Special Programs Expenses via check, ACH & occasional Wire Transfer). a. Collections Not Applicable - Account will be funded by internal transfers from other TAIT accounts. b. Services Online Banking (aka Treasury Services) with online bill payment, access to document imaging, printing, downloading, stop payments, Positive Pay, alerts, account activity and monthly bank statements. c. Disbursements - 1. Will be made via Online Bill Payment. 2. Estimate fewer than eight (8) payments per month. d. Average Collected Balance estimated to be $300K. OTHER SERVICES On-Line Information Reporting Access Provide a detailed description of your on-line information reporting capabilities including, but not limited to, same day balance reporting, previous day balance reporting, disbursed check images, wire transfer & ach reporting, stop payment processing, intra-bank account transfers, online bank statements and any additional functionality that may be utilized by TAIT. Additionally, describe the length of time information or data is available through this system. Security & Controls Provide a detailed description of the security and controls currently in place through your online information reporting and online banking services, including any additional controls in place for money movement functions.

8 Lockbox Services TAIT currently utilizes two (2) Wholesale Lockbox arrangements. Describe your institution s lockbox operation, including access to check images and reports. Also include the process for imaging and forwarding important non-payment information that may be included with remittances (i.e. bankruptcy notices, etc.). Include detailed pricing, both fixed and variable, for maintaining, processing, imaging and reporting lockbox activity. Returned Deposited Items & Re-Clearing Please describe your institution s re-clearing process including when funds are debited and credited to an account, along with available notification options. Electronic Funds Transfer Describe the processes available for internal and external reoccurring funds transfers, including the transfer of funds between your institution s bank and trust department. Include pricing for each type of transfer. Wire Transfer Describe your institution s domestic Wire Transfer process, including Online Banking options if available. Provide detailed pricing information for Wire Transfer services; both Online and via your bank s Wire Transfer Department. Cash Vault Services TAIT s parking operator utilizes cash vault services on a regular basis for depositing currency. Please indicate whether or not your institution offers Cash Vault Services and include details of applicable pricing for the services, whether fixed or variable. Funds Availability Provide the funds availability schedule for deposits which includes checks, cash, ACH credits, and wire transfers. Please provide cut-off times for same-day ledger credit of deposits for each service specified in this RFP response (including Wire Transfer, ACH Credit, etc.). Disbursement Imaging & Safekeeping Services Describe the process of retrieving cleared check images through your on-line information reporting system or through other resources at your institution. Note: Currently, TAIT accesses check images on-line; however, TAIT is interested in adding a CD ROM service in the future. Please provide information, including the cost, of your institution s Disbursement Imaging CD ROM service. Statements TAIT requires a monthly account analysis statement detailing all deposit account service fees. In addition, TAIT requires online access to bank statements within 2 business days after month end. Paper statements are not required as long as bank statements are available on-line. If available on-line, please provide details on how long statements are available. Treasury Services & General Account Charges Please provide payment or offset of fee options available to TAIT for bank charges incurred (i.e. direct debit, invoicing, compensating balances, etc.).

9 GENERAL REQUIREMENTS & ADDITIONAL INFORMATION Bank Relationship Management/Customer Support List each bank representative responsible for relationship management of TAIT s account and provide a biography, a brief description of their role, and an organizational chart. Also, describe your approach to ongoing customer support, including information regarding call centers or customer support groups that may be involved. FDIC Insurance Any costs of FDIC insurance should be included in the overall costs of the contract. Please describe your institution s FDIC coverage and fee structure as it would pertain to TAIT s accounts. Qualified Depository of Public Funds Please address your institution s experience with and process for collateralizing TAIT s funds on deposit in excess of FDIC Insurance limits. Disaster Recovery & Back-Up Plans Provide a detailed description of your institution s disaster recovery and back-up plans. Bank Supplies TAIT will require check & deposit ticket stock and endorsement stamps as part of this transition process. Please describe any fees associated with these items that would be incurred. Implementation of Services & Training Describe your bank s approach to implementation of services and training. OTHER BANKING & TREASURY SERVICES Note: Listed below are services that TAIT may consider utilizing based on functionality, availability, benefit provided, and pricing. The services listed in this section are not currently utilized by TAIT. Please provide pricing for these services. Online Banking (aka Treasury Services) Provide detailed information about what services are available to TAIT via your institution s Online Banking Services, including cut-off times and charges associated with each service (i.e. bill pay, wire transfer, intra-bank transfers, etc.). Wire Transfer Origination TAIT has not previously utilized Wire Transfer Origination via an Online Banking application; however, TAIT routinely originates outbound domestic wire transfers. Please provide information regarding your ability to facilitate this service and describe any pricing and deadlines associated with Online Wire Transfer Origination.

10 Notifications Describe any notification services available via and provide general information regarding the benefit or convenience provided by each notification. ACH Positive Pay & Payee Positive Pay TAIT has not previously utilized fraud prevention tools and would like to learn more about these services to mitigate risk. Please describe your bank s ACH & Check Fraud Prevention services along with the process to establish and maintain ACH Debit Filters, ACH Debit Blocks and any on-line functionality that may be associated with this process. Also, include information regarding deadlines for item decisioning. Automated Reconciliation Currently, TAIT performs account reconciliations manually but is interested in the possibility of uploading reconciliation files sent by the bank to help expedite the monthly reconcilement process. Please provide a list and a brief description of available reports that would help expedite this process. Zero Balance Account TAIT would like to explore implementing a Zero Balance Account structure with its Payroll Account. Today, this account is manually funded from the General Operating Account and maintains an average of $14K. Describe your Zero Balance Account, including the cost, and any benefits gained by implementing this process. Investments TAIT currently utilizes overnight sweeps of revenues and other restricted funds to its Trustee. Any remaining unrestricted funds could be invested only in instruments approved by the Board of Directors. TAIT is open to discussing various investment strategies or recommendations your institution may have to help maximize its investment approach. Please provide information regarding your bank s investment services, including fees, service charges, reporting services, etc. along with your recommendation. OPTIONAL BANKING SERVICES Describe any additional banking services that might would benefit TAIT and provide a detailed description of functionality and pricing for each service listed. VI. PROPOSAL REQUIREMENTS Please provide the information or responses to the following: 1. Is the financial institution a member of the Federal Reserve System and insured by the FDIC? 2. Provide a list of branch locations within a 10 mile radius of TAIT s office in Tulsa. 3. Provide credit information from a recognizable source including, but not limited to, Moody s, Standard & Poor s, etc. 4. Is the financial institution audited by an independent CPA firm? If yes, please provide a copy of the most recent audit report and 2014 financial statements, or the most recent 12-month ending period.

11 5. Provide a list of three (3) references that are comparable in size and scope to TAIT. The following should be provided: I. Company Name II. Year Started as a Customer III. Contact Name IV. Contact Title V. Contact Phone Number VI. Contact Address VII. General Description of Services Utilized 6. Provide resumes or brief summaries of qualifications for key personnel to be assigned to the account as outlined in section VI, subsection General Requirements & Information. Please include the following information for each person listed: I. Name II. Department III. Title IV. Office Address V. Address VI. Phone & Fax VII. Tenure with the Institution VIII. Tenure in Banking IX. Brief Description of Background & Role with the Bank 7. For what period of time will your fees remain firm? What is the criteria and frequency for adjusting your fees? 8. Discuss the various methods of paying for bank fees including, but not limited to: I. Invoice II. Automatic Debit III. Compensating Balances IV. Combination of Above 9. State that the pricing submitted within this Request for Proposal shall remain as stated for ninety (90) calendar days from the submission date of the proposal. 10. Is the financial institution authorized under State and Federal Law to provide trustee, registrar and paying agent services in the State of Oklahoma? 11. Does the financial institution have capital stock, surplus and undivided profits aggregating in excess of Fifty Million Dollars ($50,000,000)? VII PROPOSAL FORMAT In order to simplify the review process and obtain the maximum degree of comparison, TAIT is requesting proposals be organized in the following standard format: I. Title Page: Indicate the name of the institution and the date. II. Table of Contents: Include a clear identification of the material by section and page number. III. Letter of Transmittal: Limit the letter of transmittal to one or two pages. Briefly state the institution s understanding of the services to be performed and state the names of the person(s)

12 who will be authorized to make representations for the institution. Also, state the person signing the letter is an authorized signer of the institution. IV. Required Banking Services: Provide information related to the services and questions discussed in this section of the RFP. If attachments are necessary, please provide detailed references to those attachments so related information is found efficiently. V. Other Banking Services: Provide information related to the optional services and questions discussed in this section of the RFP. If attachments are necessary, please provide detailed references to those attachments so related information is found efficiently. VI. Optional Banking Services: Provide information related to additional services not covered in this RFP that the institution feels would benefit TAIT. If attachments are necessary, please provide detailed references to those attachments. VII. Proposal Requirements: Provide responses to questions asked in this section of the RFP. If attachments or additional information is necessary, please provide detailed references to those attachments so related information is found efficiently. VIII. Pricing: Provide fee schedules based on volume listed by TAIT. IX. Additional Section: Any additional information regarding this proposal that the financial institution wishes to include should be listed in this section. If there is no additional data or information to provide, please state, No additional information to be presented. VIII. QUESTIONS & INQUIRIES All questions or requests for further information regarding this RFP shall be submitted via by no later than 5:00 pm on June 12, Questions and inquiries should be directed to: Leann Huneycutt Airports Financial Controller Tulsa Airports Improvement Trust Tulsa Airport Terminal Building 7777 E. Apache, Suite 217A Tulsa, OK address: Reference: Proposal TAIT 2015 Commercial Banking Services Answers to questions asked by interested financial institutions will be ed to all interested parties on or before June 19, If you have not received this addendum by the stated publishing date and would like this information, please a request to Leann Huneycutt at the address listed above. IX EVALUATION CRITERIA Proposals will be evaluated on the basis of their responsiveness to the information requested in this RFP and the institution s ability and commitment to assisting TAIT in achieving its objectives. It is expected, but not required, that the review committee will rank responses according to the following weights: Criterion Weight Financial institution experience and stability 30%

13 Quality/Experience of Bank Personnel Assigned 20% Responsiveness to Request for Proposals 10% Proposed Pricing & Fee Structure 40% X. EVALUATION PROCESS The review committee will examine each proposal submitted and prepare rankings of each response. TAIT may conduct interviews with two or more finalists. If interviews are to be held, the finalists will be notified of the date and time. Assuming interviews are not held, TAIT expects a final selection on or around August 31, 2015, but reserves the right to require additional time to make a final decision. The review committee shall present its review and recommendations to the Board of Trustees who may award based upon the recommendation or consider additional factors significant to the Trustees such as, but not limited to (1) the ability, capacity and skill of the bidder to maintain mutually beneficial relationships with TAIT and perform the contract to TAIT s satisfaction while providing the services required; and (2) the budgetary impact of current or future business relationships with the proposer. XI. CONTRACT REQUIREMENTS & OTHER DISCLAIMERS: TAIT reserves the right to: a. Request additional information or clarification from financial institutions submitting proposals. b. Reject any proposal if it is conditional, late, deviates from the specification of this RFP, or for any other reason at TAIT s sole discretion. c. Withdraw this RFP at any time before or after submission of bids, without prior notice. d. Modify the evaluation procedures described in this RFP. e. Decide not to award any business to any financial institution responding to this RFP. f. Award its total requirements to one financial institution or apportion those requirements among two or more financial institutions as TAIT may deem in its best interest. g. Accept any electronic or faxed modifications of the RFP due to typographical or scrivener errors.