AEA Banking and Custodial Services

The Alaska Energy Authority solicited a two‑year contract to provide comprehensive banking and investment custodial services, including collateralized checking accounts, electronic reporting, cash handling, and trust‑account management for 20‑30 sub‑accounts. The award went to First National Bank Alaska, a qualified Alaskan financial institution capable of meeting the Agency’s reporting, online‑access, and audit‑rights requirements. The contract value is estimated between $100k and $250k, with a unit‑price pricing structure and a potential for up to three two‑year renewals. • Banking services: two collateralized checking accounts, daily online activity, fraud‑detection reporting, ACH, credit‑card, and FDIC‑insured overnight lending. • Custodial services: management of 20‑30 trust sub‑accounts, liquidity investments, wire transfers, securities trading, and extensive daily/monthly reporting. • Vendor obligations: six‑month fee waiver during transition, 24‑hour response time, on‑site training, quarterly service recommendations, and full audit rights.