Banking Services

The City of St. Petersburg, Florida has entered into a banking services contract with JPMorgan Chase Bank, N.A. The contract, valued at up to $250,000 annually, provides for a range of banking services, including account maintenance, cash concentration, and disbursement services. The contract has a term of five years, with the option for renewal. The bank is required to provide all necessary labor, supervision, materials, and equipment to perform the banking services. The city has the right to terminate the contract for convenience or cause, with notice. The contract includes provisions for payment, indemnification, insurance, and confidentiality. The bank is also required to comply with all applicable laws and regulations. Key aspects of the contract include the scope of services, pricing, and terms and conditions. The contract is governed by Florida law, and any disputes will be resolved through litigation in Pinellas County, Florida. The city has identified several key services that will be provided under the contract, including account validation, check printing, and vault services. The bank has offered a transition incentive of up to $65,000, including a waiver of analyzed service charges and supplies.