Banking Services

Town of Irmo, South Carolina
Request for Proposal
Banking Services RFP
RFP Issue Date: April 13, 2026
RFP Contact: Lisa Hancock
(for any questions or Finance Director
requests for clarification) lhancock@townofirmosc.com
Send Proposals to: Town of Irmo
Banking Services RFP
Lisa Hancock, Finance Director
7300 Woodrow Street
Irmo, SC 29063
RFP Closing Date and Time: May 22, 2026 by 4:00pm
Number of Proposal Copies Requested: 3 Individually Sealed and Labeled #1, #2 and #3
or submitted electronically
RFP Evaluation Committee:
Jim Crosland
Town Administrator
Doug Polen
Deputy Town Administrator
Lisa Hancock
Finance Director
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Table of Contents
General Information .......................................................................................................................................... 4
Introduction ................................................................................................................................................... 4
Background and Overview ............................................................................................................................ 4
Questions and Answers ................................................................................................................................. 4
Requirements for Selection ........................................................................................................................... 5
General Proposal Requirements ................................................................................................................... 5
Collateralization of Public Funds ................................................................................................................... 5
Contract Award .............................................................................................................................................. 6
Term of Award ............................................................................................................................................... 6
Termination ................................................................................................................................................... 7
Freedom of Information Act ......................................................................................................................... 7
RFP Submission Information ............................................................................................................................. 7
Schedule ......................................................................................................................................................... 7
Intent to Propose ........................................................................................................................................... 7
Submission Instructions ................................................................................................................................ 8
Criteria for Evaluation ................................................................................................................................... 8
Competency of Proposer ............................................................................................................................... 8
Withdrawal of Proposal ................................................................................................................................ 8
Proposal Errors .............................................................................................................................................. 8
Late Proposals; Misrepresentations ............................................................................................................. 9
Incurred Cost.................................................................................................................................................. 9
Return of Proposals ....................................................................................................................................... 9
Reserved Rights ............................................................................................................................................. 9
Scope of Work.................................................................................................................................................... 9
Minimum Bank Qualifications ...................................................................................................................... 9
Overview of Required Services ................................................................................................................... 10
Form I (Required): Qualifications and Experience...................................................................................... 12
Form II (Required): Key Proposed Personnel and Team ............................................................................ 12
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Form III (Required): Subcontractors ........................................................................................................... 13
Form V (Required): Employee Banking ....................................................................................................... 13
Attachment 1 (Not Required): Notice of Intent to Respond ...................................................................... 14
Cost Proposal 1: General Banking Services Only ........................................................................................ 15
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General Information
Introduction
The Town of Irmo invites qualified financial institutions to submit proposals to provide banking services to
the Town based upon the scope of work contained in this Request for Proposals.
The Town seeks to obtain a financial institution to administer the Town's general banking, deposit and
custody operations in order to further the following objectives: streamline cash handling, enhance funds
availability, increase use of technology to reduce costs and become more efficient at treasury management.
The Town's intent is to select a financial institution to provide the requested services listed within the
following scope of work. Our goal is to consolidate all services into one institution. The scope of work may
include, but is not limited to, general account services, information reporting, reconciliation, electronic fund
transfers, positive pay, controlled disbursement, returned items processing, image capture, investment
services, electronic receipt and payment platforms and credit cards for Town purchases. The Town expects
the successful financial institution to review interest rates and Earnings Credit Rates available to the Town
at least once per quarter.
The Town of Irmo invites proposals until 4:00 pm EST, May 22, 2026, from qualified banks.
Point of Contact:
Lisa Hancock
lhancock@townofirmosc.com
7300 Woodrow Street
Irmo, SC 29063
The Town reserves the right to reject any and all proposals, to waive any informalities or irregularities and
to make the selection among the proposals as are deemed in the best interest of the Town. The Town is not
liable for any costs incurred to prepare or present a response to this Request for Proposal (RFP).
Background and Overview
The Town of Irmo is a premier suburban municipality located in the South Carolina Midlands, approximately
10 miles northwest of the state capital, Columbia. Established in 1890 at the intersection of the Columbia,
Newberry, and Laurens Railroad, the town's name is a portmanteau honoring railroad officials Iredell and
Moseley. Deeply rooted in the historic "Dutch Fork" region-an area settled by German and Swiss-German
immigrants in the 18th century-Irmo has evolved from a quiet railroad stop into a thriving community
known as the "Gateway to Lake Murray."
Geographically, the town spans approximately 7 square miles and is uniquely situated across both
Lexington and Richland Counties. This strategic position along the I-26 corridor provides unparalleled
regional connectivity, linking the town to major economic hubs while maintaining a distinct community
character.
Culturally, Irmo is defined by a "small-town" spirit that belies its sophisticated growth. It is home to the
world-renowned Irmo Okra Strut, a festival that has celebrated the town's heritage for over 50 years and
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draws nearly 25,000 visitors annually. This blend of historic preservation and modern suburban appeal
makes Irmo a focal point for residential stability and commercial innovation in the Midlands
Questions and Answers
Questions must be submitted by 4:00 pm on May 1, 2026. Questions submitted later will not be answered.
Any correction, revision, answer, or clarification of the RFP documents will be made only by a written
addendum (if something in the RFP is changed) or a Clarifications / Answers document (if nothing in the RFP
is changed) issued by the Finance Director or her designee.
Requirements for Selection
The Town seeks proposals from qualified providers interested in providing comprehensive banking services
for the Town. The objective of the Town is to secure the most efficient and effective banking services while
maintaining sufficient liquidity and protection of all the funds entrusted to the Town.
The Town may award a contract to the best service provider(s) with innovative ideas, which may not be the
lowest price proposal. The Town reserves the right not to award some or all of the services contemplated
herein.
General Proposal Requirements
It is requested that proposals be prepared in a comprehensive manner as to content. Although permissible,
there is no necessity for expensive binders, color displays or other promotional material. The proposal
should be prepared in a format that will permit ready identification of your response to each component of
this RFP in a concise manner.
The proposal must be signed by the duly authorized partner or officer who will have overall responsibility
for work under the proposal.
All pricing proposals must remain in effect for at least one hundred twenty (120) days beginning the next
business day after the proposals are due to the Town. The Town is not responsible for any costs incurred in
the preparations and presentation of your proposal.
The selected proposer will be expected to enter into a contract or engagement letter with the Town in a
form acceptable to the Town.
The Town reserves the right to negotiate interest rates and yields for any type of investment alternative
with any other institution at any time.
Collateralization of Public Funds
All deposited funds beyond the limits of FDIC coverage must be one hundred percent (100%) collateralized
by federal, state, or municipal securities consistent with the South Carolina State Code of Laws governing
municipalities.
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Contract Award
The Town shall have the right to select the Proposer who, in the opinion of the Town, will be in the best
interest of and/or the most advantageous to the Town after considering the criteria set forth in this RFP.
The Town also reserves the right to reject any Proposer who has previously failed in the proper
performance of a contract or to deliver on time contracts of a similar nature with other governmental
entities or who, in the Town's opinion, is not in a position to perform properly under the intended contract
award. The Town reserves the right to waive any minor informalities or technicalities in proposals received,
as may be deemed in the best interest of the Town in the Town's sole discretion. In addition, the Town
reserves the right to reject any and all proposals at any stage, or to modify, withdraw, cancel, or reissue this
RFP, in whole or in part, in the event that competition is deemed inadequate or the Town determines in its
sole discretion that it is otherwise in the best interest of the Town. A recommendation of contract award
does not constitute a contract. The award of contract to the selected respondent is subject to Town Council
approval and the execution of a contract with terms acceptable to the Town. The Town staff makes
recommendations to the Town Council, and the Town Council ultimately has the authority to award
contracts, including the right to re-rank Proposers differently than recommended by the Town staff.
All proposals will be subject to a review and evaluation process. It is the intent of the Town that all
proposers responding to this RFP, who meet the requirements, will be ranked in accordance with the
criteria established in these documents. The Town will consider all responsive and responsible proposals
received in its evaluation and award process. Prior to final selection of a bank, the Town may conduct
interviews and discussions with prospective banks.
Further, each proposal will be evaluated for full compliance with the RFP instructions to the proposers and
the terms and conditions set forth within the RFP document. Proposals will be scored and ranked in
accordance with the weighting and grade criteria specified in these documents. The Town is not obligated
to make an award to the Proposer with the lowest bid or price submitted. Proposals will be evaluated and
an award made to that Proposer who is determined to be responsible and responsive to this Request for
Proposal and whose proposal is the most advantageous to the Town in terms of price, quality of service, the
Proposer's qualifications and capabilities to provide the specified services and comply with the applicable
conditions of this Request for Proposal and Contract, and who in the judgment of the Town will best serve
the needs and interests of the Town.
Term of Award
The Town reserves the right to award to one or more providers, whichever is deemed most advantageous
to the Town. It is the Town's intent to award the contract(s) an initial three-year period with the option to
renew for two additional two-year periods or a maximum of seven years. The decision to renew the
contract(s) will be at the sole discretion of the Town. Proposers must agree to fix contract fees for at least
the first three years. If the vendor intends to revise its fee schedule after the initial period, it must give
written notice to the Town at least ninety (90) days in advance of any fee change. Fees may be changed
only on the contract anniversary date. These fees are subject to negotiation and approval by the Town and
may not exceed the annual consumer price index-urban (CPI-U) for the most recently available 12-month
trailing period.
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Termination
The Town reserves the right to cancel the contract, at any time, without cause and without penalty with a
minimum thirty (30) days written notice.
Termination or cancellation of the contract will not relieve the Proposer of any obligations for any deliveries
entered into prior to the termination of the contract (i.e. reports, statements of accounts, etc., required
and not received).
Termination or cancellation of the contract will not relieve the Proposer of any obligations or liabilities
resulting from any acts committed by the Proposer prior to the termination of the contract.
Freedom of Information Act
All proposals will be treated as public information unless it is specifically requested that portions of the bid
be exempt from disclosure under the Freedom of Information Act, SC Code of Laws Section 30-4-40 (a) (1).
It is the Proposer's responsibility to notify the Town of any proprietary information listed in proposals
submitted. Any information in which the proposer considers proprietary MUST be clearly marked
"proprietary" next to the relevant part of the text in order for it to be treated as such. If a contract is signed
with your institution, the contract document is not exempt from disclosure.
RFP Submission Information
Schedule
Request for Proposals Issued April 13, 2026
Notice of Intent to Respond Due Date April 24, 2026
Questions/Clarifications Due May 1, 2026
Responses to Questions Distributed May 8, 2026
Proposals Due May 22, 2026
Interviews of Selected Banks June 3-4, 2026
Town Council Approval June 16, 2026
The Town reserves the right to cancel and/or modify the RFP dates at any time.
Intent to Propose
The Town has elected not to conduct a pre-proposal conference prior to the receipt of proposals. However,
prospective proposers that are interested in receiving addenda to this RFP, including responses to
submitted questions from all participating banks, should complete Attachment 1: Notice of Intent to
Respond and submit it to lhancock@townofirmosc.com no later than the date specified in the Schedule
above. This will allow the Town to provide timely information to interested parties. Submitting the Notice
of Intent to Respond form does not obligate the prospective proposer in any way.
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The effect of all addenda to the RFP documents shall be considered in the proposal, and said addenda shall
be made part of the RFP documents. Before submitting a proposal, each proposer shall ascertain whether
or not any addenda have been issued. Failure to include information provided on any such addenda in
proposer's proposal may render the proposal invalid and result in its rejection. All addenda and additional
information will be available on the Town's website.
Submission Instructions
Three (3) sealed original paper proposals and required forms along with one (1) searchable electronic copy
on a USB flash drive in Microsoft Word or PDF format. If preferred, electronic copies may be emailed.
Proposals should be clearly marked "Banking Services RFP" as shown on the title page of this formal
solicitation.
Criteria for Evaluation
Proposals will be evaluated based on the following criteria (Note: these criteria are not necessarily listed in
order of importance):
* Responsiveness to the requirements of the RFP, as well as the relevance of the responses to the
needs of the Town
* Scope of services offered including degree of automation
* Experience of the bank in providing similar services to public and not-for-profit organizations
* Professional experience and qualifications of the individuals assigned to the account
* Financial strength, adequacy of financial controls, security and compliance with all applicable state
and federal regulations for the services proposed
* Cost proposal (including both direct and indirect costs)
Competency of Proposer
The proposer, if requested, must present within a reasonable time evidence satisfactory to the RFP
Evaluation Committee of ability to successfully perform primary banking services, and the possession of
necessary facilities, labor, materials, equipment, software, supplies, expertise, financial resources, and
adequate insurance to comply with all of the terms of the primary banking services agreement.
No banking services agreement will be awarded to any bank that is in arrears or is in default with the Town
upon any contract or has failed to perform faithfully on any previous contract with the Town.
Withdrawal of Proposal
Submitters may withdraw their submitted Proposal at any time by giving written notice to the RFP Contact.
Proposal Errors
Submitters are cautioned to verify their Proposal prior to submission. Negligence on the part of the
submitter in preparing the Proposal confers no right of modification of the Proposal after the closing time
for its receipt. Inadvertent errors (such as the omission of one page of a multi-page document) that have a
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correction submitted after the designated submission time may be considered at the sole discretion of the
Town if the submitter submits with the correction sufficient information to prove that the error was
inadvertent. Such amendments are not favored and, in the case of doubt, requests will be denied.
Late Proposals; Misrepresentations
Late Proposals will not be accepted. The Town does not specify the method by which Proposals are to be
delivered; therefore, it cannot be held responsible for any delay, regardless of reason, in the receipt of
Proposals. Proposals delivered by mail or messenger will be considered only when said Proposals are
received on or before the due date and time. The Town does not guarantee that Proposals received in the
building by mail or messenger will be delivered at or before the time the proposal is due. Any material
misrepresentations made by the submitter(s) will void the response and eliminate the submitter(s) from
further consideration. The Town reserves all rights with regard to this solicitation.
Incurred Cost
All costs incurred in the preparation and submission of Proposals shall be borne by the submitter.
Return of Proposals
The Town is under no obligation to return any Proposals or materials submitted by the submitter as a
response to this RFP.
Reserved Rights
The RFP Evaluation Committee shall represent the Town in all matters pertaining to this RFP, and reserves
the right to reject any and all Proposals during any stage of this RFP, or to modify, withdraw, cancel, or
reissue this solicitation, either in whole or in part, in the event that responses are deemed inadequate or
that it is otherwise in the best interest of the Town.
The RFP Evaluation Committee also reserves the right to disregard any minor informality in the RFP when,
in its opinion, the best interests of the Town will be served by such action.
Scope of Work
Minimum Bank Qualifications
Proposers must meet the following minimum requirements in order to respond to this RFP:
* Chartered to do business in South Carolina;
* Maintain at least one full-service branch within seven (7) miles of the Irmo Town Hall located at
7300 Woodrow Street Irmo, SC 29063;
* A sending and receiving bank of the National Automated Clearing House Association (NACHA);
* Agree to provide all banking and investment services to the Town as outlined in this RFP;
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* Agree to provide 100% collateral on all funds in excess of FDIC limits the Town has on deposit with
the bank;
The awardee will be required to review quarterly any available changes in interest rates and/or Earnings
Credit Rates (ECR) as economic climates change, along with any changes to compensated balances as
created by these changes. The awardee will also be required to provide an annual analysis of all Town
banking services to ensure that the Town is performing in the most efficient and effective manner possible,
while utilizing new technological advancements if they are in the best interest of the Town.
Overview of Required Services
The Town has a total of 5 bank accounts, of which 5 are required to earn interest. The responding bank will
include the offered interest rate for the interest-bearing accounts on the appropriate Cost Proposal.
Remote Deposit Capture: Four (4) Town accounts will utilize Remote Deposit Capture. The Town averages
150 deposited checks each month.
Cash Deposits (at Bank Branch): On average, the Town deposits $780 in cash each month.
Account Transfers: All Town bank accounts will require the ability to transfer funds between accounts.
Only single custody will be required for all account transfers.
ACH with Fraud Filter: One (1) Town accounts will utilize ACH services. This account will also require an
ACH Fraud Filter on all ACH debits that are not authorized by the Town. These authorizations will have the
ability to add, delete or modify all authorizations within the online banking portal provided. Only single
custody will be required for all outgoing ACH services.
EDI Services: The Town will utilize EDI Services for all ACH credits and debits posted to the one (1) Town
bank account that utilizes ACH services.
Wire Transfer Services: Two (2) Town accounts will need the ability to perform wire transfer services when
necessary. Only single custody will be required for all outgoing wire services.
Positive Pay with Payee Name: The Town has four (4) accounts from which checks are issued. Each of
these accounts will need Positive Pay with Payee Name. The Town issues approximately 150 checks each
month. The responding bank must include a schematic of their required record layout for positive pay in
their proposal.
Design of Checks: The Town currently utilizes Tyler Technology ERP Pro 9 software for the issuance of all
checks written from its accounts. The responding bank must adhere to the Town's current check design
(Exhibit B) or must state specifically what their design requirements are.
Stop Payments: The Town requires that the four (4) accounts utilizing Positive Pay will also utilize online
stop payment access.
Returned Checks/Deposit Corrections: The Town receives, on average, one (1) returned check each month
and one (1) deposit correction each month. When possible, the Town prefers that returned deposit items
be automatically resubmitted for payment one additional time before being returned to the Town. The
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