Subject:
Title
Agreement with JPMorgan Chase, National Association for County banking services
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Recommended Action:
Recommended Action
Approval of the agreement with JPMorgan Chase, National Association (JPMorgan) for County banking services.
• This contract will provide the Board of County Commissioners and Clerk of the Circuit Court and Comptroller (Clerk) with comprehensive banking and treasury management services. The Agreement will provide for Earning Credit Rate (ECR), which is a daily calculation of interest paid on idle funds tied to the U.S. Treasury Bill Rate; the ECR should offset all costs for banking services. The Clerk’s agreement will be executed by Ken Burke, Clerk of the Circuit Court and Comptroller.
• Three firms submitted proposals. Following written and presentation evaluations, JPMorgan was the highest-ranked firm and is recommended for award.
• The initial term of this agreement is one hundred and twenty months with a not-to-exceed amount of $631,500.00. There is also a provision for two twenty-four-month terms beyond the initial one-hundred-and-twenty-month term if agreed upon by the parties.
• This contract replaces the current contract, which expires on January 1, 2028.
• This item has no fiscal impact on Pinellas County because it is anticipated that the ECR will cover all annual service fees. If the ECR does not cover the full cost, the departments and funds that use the service will pay the remaining amount.
Contract No. 26-0180-RFP in the total award amount of $631,500.00 for one-hundred-and-twenty-months; Authorize the Chairman to sign and the Clerk of the Circuit Court to attest.
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Strategic Priorities:
Smart Delivery Service
4.1 Achieve and maintain a high level of customer satisfaction.
4.2 Improve efficiency of service delivery through technology.
Summary:
Summary
This contract will provide secure, reliable, cost-effective, and efficient processing of County banking services. Services include, but are not limited to investment services, remote deposit, overdraft processing, credit card processing, lockbox, and web services.
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Background Information:
An Request for Proposal (RFP) was released on January 9, 2026. The RFP contained requirements for both the Clerk and the Board. Three (3) responsive submittals were received, with JPMorgan selected as the highest-ranked firm. Negotiations were completed on July 23, 2026.
Fiscal Impact:
It is anticipated that the Earned Credit Rate (ECR) will cover all annual service fees, with no cost to the Board or the Clerk. The Board agreement includes a not-to-exceed amount of $631,500.00, reflecting the potential fees if the ECR is not included in the contract. If the ECR is not as robust as anticipated, contract funding sources will be derived from Enterprise, General, Special Revenue, Internal Service, and Capital Funds accordingly.
Staff Member Responsible:
Jeanette Staveley, Chief Deputy Director, Clerk of the Circuit Court and Comptroller
Chris Rose, Director, Office of Management & Budget
Merry Celeste, Purchasing Division Director, Office of Management & Budget
Partners:
N/A
Attachments:
Agreement
Rankings