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Awarded contract·City of Hurst·Texas

Primary Depository Bank Services

Won by Wells Fargo Bank$1.5MSingle Award
Contract source

Awarded vendors

  • Wells Fargo Bank

Description

The City of Hurst, Texas is soliciting sealed applications from eligible and qualified financial institutions to provide primary Depository Bank Services. The initial contract period will begin August 1, 2018 and end July 31, 2020, with the option to extend for three additional one-year periods. The scope of work includes providing banking services to the City. Key points to consider include: • The contract requires the bank to have a physical location within the City's municipal boundaries. • The bank will be required to provide a range of banking services, including but not limited to, account management, transaction processing, and investment services. • The City is looking for a bank that can provide a high level of service and support to meet its financial needs. • The contract will be awarded based on the best value to the City, taking into account factors such as price, service, and experience. • The City reserves the right to negotiate the terms of the contract with the selected bank.

Attached files

Key dates

Starts
8/1/2018
Ends
7/31/2020Renews
Duration
2 years

Last updated

Details

Award type
Single Award
Procurement
Full and Open Competition
Industry
Financial Services
NAICS
522110
Solicitation №
18-004

Contract value

$1,500,000

The value of the contract is not explicitly stated in the document. However, based on the scope of work, which includes providing banking services to the City, the value is likely to be significant. The City's budget for banking services is not provided, but it can be estimated based on industry benchmarks. For example, the average annual banking fee for a city of similar size to Hurst, Texas is around $500,000 to $1 million. Therefore, the estimated value of the contract for the initial two-year term could be around $1 million to $2 million, with the option to extend for three additional one-year periods.

AI estimate from the award documents

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