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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, Wells Fargo, PNC) and two bids for custody/safekeeping (Principal and PNC). A review panel that included treasurer staff, county finance, the county CISO and external finance professionals individually scored written proposals, followed by in‑person demos.
Treasurer’s rationale: Benatar told the board PNC offered improved integrated receivables/lockbox services (digital processing of incoming tax receipts and payments), enhanced online reporting and fraud‑prevention features, and transition credits to support equipment upgrades. “We are the custodian of all public dollars,” Benatar said; she described the switch as intended to speed processing and reduce manual posting work during peak tax season. Principal Custody Solutions was recommended for trust and safekeeping because of reporting, technology and prior contractor transition experience.
Cost and governance: Treasurer Benatar said fees for banking and custody services are funded from investment interest earnings and not from the county general fund. The board of deposits voted to award RFP 2025‑102 Category 1 (banking) to PNC Bank and Category 2 (custody) to Principal Custody Solutions; the board of supervisors then ratified that award in its final votes of the day.
Next steps: The treasurer’s office will execute contracts, begin a structured transition and run tax‑season lockbox and equipment conversions ahead of the FY‑26 fiscal year. Benatar said staff will provide oversight during the transition and train users on PNC’s reporting tools.
