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Smithville aldermen outline RFP, timeline to re-bid city banking services
Summary
At a brief April 15 work session, Smithville officials reviewed a request-for-proposals schedule and eligibility requirements to solicit bids for the city's banking services, named two aldermen to the review panel, and set a timeline leading to a new contract beginning Oct. 1, 2025.
At a short work session on April 15, 2025, the Smithville Board of Aldermen reviewed plans to solicit bids for the city's banking services and detailed a request-for-proposals timetable intended to produce a new contract by Oct. 1.
Finance Director Rick Welch presented the proposal schedule and minimum qualifications for bidders, saying the city will release the RFP on April 16 with proposal questions answered publicly on May 8. Welch told the board the city expects to complete evaluations in early June and implement a new contract starting Oct. 1, 2025. Welch also referenced Missouri law requiring fourth-class cities to periodically solicit bids for banking services (RSMo Section 95.280) and noted that the city's current services are provided by Central Bank, formerly Platte Valley Bank.
The RFP lists specific requirements for proposers: FDIC insurance; eligibility to hold city funds and maintain a full-service branch in Smithville; membership in Federal Reserve cash and securities systems for online transactions; 100% collateralization of all city deposits; nationally recognized credit information such as Moody's or S&P; and the internal capacity to provide required banking services without third-party subcontractors. The timeline and procurement steps in Welchs presentation call for requests for additional information to be received by April 30 and for proposals to be submitted by 4:00 p.m. on May 22, 2025. The board will review and evaluate proposals in June, with the award discussed in a work session and a regular session scheduled for June 17.
Welch said the staff review panel will include himself and City Administrator Cynthia Wagner, and he asked for two board volunteers to serve on the evaluation team. Alderman Melissa Wilson and Alderman Ronald Russell volunteered to participate in the proposal review.
No formal vote on the banking procurement was recorded at the work session; the meeting concluded after the presentation. Alderman Dan Hartman moved to adjourn, Alderman Ronald Russell seconded, and the motion carried 6-0. Mayor Boley declared the work session adjourned at 6:41 p.m.
Next steps: staff is scheduled to release the RFP on April 16, post answers to bidder questions on May 8, accept proposals through the May 22 deadline, and present recommendation(s) to the board in mid-June, with a new banking contract anticipated to begin Oct. 1, 2025.
