Billions of dollars are up for grabs to the bank that wins a contract to handle the Maryland state government’s deposits.
A request for proposals issued by the Maryland State Treasurer’s Office in June seeks bidders for a depository services contract. The state’s RFP states a goal of contracting with a bank that can modernize the processes for handling deposits. Bids were due on July 25 and a pre-proposal conference took place on June 29.
The State Treasurer’s Office could not be reached for comment. It is not known how many banks ended up submitting bids for the contract.
Representatives from Bank of America, BB&T Bank, Citibank, First National Bank, Harbor Bank, JPMorgan Chase Bank, M&T Bank, TD Bank, U.S. Bank and Wells Fargo attended the conference. Bank of America currently handles the state’s depository services and has agreements with other banks to handle deposits in places where it does not have any branches.