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Coconino County picks PNC for banking services and Principal for custody; treasurer cites efficiency, fraud controls
Summary
After an RFP process, the board of deposit awarded primary county banking services to PNC Bank and custody/trust services to Principal Custody Solutions, citing improved transaction automation, fraud protections and reporting that will speed tax processing and auditing.
The Coconino County Board of Deposit voted to accept the treasurer’s recommendation to award banking services contracts to PNC Bank (category 1: deposits, ACH, wires, merchant services and related operating accounts) and to Principal Custody Solutions (category 2: custody and safekeeping for the county investment portfolio). The decision follows an RFP process started in October 2024 in which the county received multiple bids and a technical evaluation by a cross‑departmental review panel.
Treasurer Sarah Benatar told the board the county receives and disburses more than $1.2 billion annually and currently manages an investment portfolio whose…
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