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Plainview ISD awards depository services contract to Happy State Bank
Summary
After evaluating four bids, the board voted 5‑0 to award a two‑year (with extensions) depository services contract to Happy State Bank, citing higher interest and zero fees; staff said interest earnings could fund several teaching positions.
Plainview ISD trustees voted 5‑0 to award the district's depository services contract to Happy State Bank after a competitive solicitation and committee review.
District procurement staff said nine local depositories were solicited and four submitted proposals. The committee compared interest methods, fees and transition support. Chief financial officer Randy Mendoza explained that banks quote interest using different benchmarks; Happy State offered a rate tied to the 13‑week Treasury bill plus 10 basis points and offered zero fees for services the district uses. "They ended up adding 10 basis points on top of that, which kinda made them the highest paying interest bank for us," Mendoza said.
Administrators said they called peer districts (Amarillo ISD, Canyon ISD, Dumas ISD) about operational experience and that Happy State provided a detailed transition plan. Staff framed the financial impact in human terms: the reported difference in interest earnings could equate to five or six teaching positions. The procurement recommendation was moved, seconded and approved 5‑0.
Staff noted the TEA process for depository contracts: the initial award is for two years, with possible biennial extensions that can total up to an eight‑year relationship, while acknowledging the district may rebid if circumstances change. The contract's effective period was discussed as beginning Sept. 1 and running through Aug. 30 of the stated term.
