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Coconino County treasurer recommends switching primary bank to PNC; custody services to Principal
Summary
County Treasurer Sarah Benatar told supervisors the treasurer’s office selected PNC Bank for category‑1 banking services and Principal Custody Solutions for trust/safekeeping after a competitive RFP; the board of deposits approved the awards and the board of supervisors ratified the action.
The Coconino County Board of Deposits and the Board of Supervisors approved a recommended banking services contract on March 18 after the treasurer’s office completed a formal RFP and demonstrations. Treasurer Sarah Benatar and a cross‑departmental review committee recommended PNC Bank for day‑to‑day banking and Principal Custody Solutions for trade custody and safekeeping.
Review process: The county issued its RFP in October 2024 and received three bids for core banking services (JPMorgan Chase,…
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