Title
2024 - 2029 Banking Services - Approval
History
On January 26, 2024, the Village issued an RFP for Banking Services. A courtesy notice was distributed to forty five (45) firms, including all banks in Orland Park with a license through Development Services. Seventy five (75) firms were matched on BidNet. Twenty three (23) firms downloaded all or a portion of the RFP documents.
In response to this RFP, five (5) banks submitted proposals, including BMO, Fifth Third Bank, J.P. Morgan, Old National, and Orland Park Bank & Trust.
Banks were evaluated based on the following criteria:
· Overall plan and demonstrated ability to provide required services,
· Fee/Pricing Proposal,
· Qualifications and Experience, and
· Understanding of Goals and Objectives.
Estimated annual banking fees are as follows:
J.P. Morgan: $79,800
Orland Park Bank & Trust: $79,784.04
Old National Bank: $87,834.96
BMO: $113,640
Fifth Third Bank: $123,428.64
After an initial evaluation, Finance Department staff selected four (4) banks for interviews and web portal demos: BMO, J.P. Morgan, Old National, and Orland Park Bank & Trust. Fifth Third was not selected due to availability of bank statements, higher banking fees, among other reasons.
Any of the four remaining banks would be good partners for the Village. After interviews and further evaluations, we thought the best two options for the Village were J.P. Morgan and the current incumbent bank BMO. J.P. Morgan offered a strong financial proposal and very good services.
The Village has been pleased with our current banking institution, BMO, for the past several years. Over the past 12 months, the Village's BMO banking fees have totaled $156,847. We will not need a budget amendment as the new fee structure is anticipated to be lower than our current feast structure. The Village currently takes advantage of nearly every banking product available, and currently has virtually all security and fraud protection feature in place and functio...
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