City of Tupelo Bank Depositories

The City of Tupelo, Mississippi, is seeking proposals from qualified financial institutions to serve as a designated depository for the City for a twenty-four, thirty-six, or forty-eight month period beginning February 1, 2026. The selected financial institution will be responsible for managing the City's demand deposit accounts and providing interest on the average daily balance. The City may also elect one or more depositories for the placement of funds for investments and savings. Proposals should include interest rates for short-term and long-term funds, service charges for transactions, and security and collateral requirements. The City will evaluate proposals based on factors such as net earnings, account costs, banking services, and compliance with relevant laws and regulations. • The City is seeking a single banking institution to manage all demand deposit accounts. • The selected institution will be required to provide security and collateral in an amount equal to 105% of the maximum sum on deposit at any one time. • Proposals must be submitted by January 9, 2026, at 10:00 a.m. • The City reserves the right to reject any and all proposals. • The City is an equal opportunity employer.