Bank Depository

Olmsted County is seeking proposals from local banks within Rochester, Minnesota, to serve as its depository institution under the contract titled "Bank Depository." The solicitation, numbered RFP2025-334, was posted on June 13, 2025, with a response deadline of July 14, 2025. The contract aims to secure banking services including making deposits into a money market account, providing cash vault services, and facilitating same-day wire transfers. The contract size is estimated to range between $50,000 and $200,000, and the County’s primary point of contact is Wendy Fenton, the Contracts Manager. Interested banks are directed to submit proposals through the designated online platform, Ion Wave, with detailed instructions and evaluation criteria outlined in the solicitation. This procurement aligns with the County’s broader financial management needs, emphasizing secure and efficient banking operations. The contract will enable Olmsted County to manage its funds effectively through specialized banking services, ensuring timely deposits, secure cash handling, and quick transfer capabilities. The solicitation process underscores the importance of compliance with procurement rules, cybersecurity standards, and transparency, with the County reserving the right to evaluate proposals based on criteria such as service quality, experience, and cost. The engagement is part of the County’s ongoing efforts to maintain robust financial infrastructure, supporting its public service operations within the community.