Description
The City of Somerville is seeking a full‑service municipal banking institution to provide comprehensive banking operations—including deposit and disbursement accounts, wire and ACH processing, automated reconciliation reporting, lockbox services, and daily balance reporting—plus the installation, maintenance, and servicing of four ATMs located in city buildings. The contract runs for three years beginning September 1 2026, with an optional renewal at the City’s discretion. The vendor must be FDIC‑insured, headquartered in Massachusetts, possess a Veribanc Green 3‑star rating, and have extensive municipal banking experience.
• Provide full‑service banking (accounts, wires, ACH, ARP reporting, lockbox, online banking, credit‑card processing).
• Install and maintain four ATMs at specified city locations at no additional cost.
• Meet strict financial‑strength, experience, and compliance criteria (FDIC membership, Massachusetts HQ, 5+ municipal clients with $300 M+ budgets, Veribanc rating).
• Submit sealed technical and price proposals by June 24 2026, with a mandatory living‑wage certification and required insurance.