Raleigh City Council Meeting Agenda April 2026
City to renew PNC Bank contract for banking services
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Description
City staff recommend renewing the banking services contract with PNC Bank, N.A. for an additional five years through April 30, 2031, with an optional month-to-month extension up to April 30, 2032, for a not-to-exceed amendment amount of $1,650,000. The extension will maintain continuity of banking operations while the City procures its next banking partner.
Contract Details
Contract Amount
Not to exceed $1,650,000 (amendment)
Vendor
PNC BANK N.A.
Agency
Raleigh Water, NC
Contract Type
FINANCIAL_SERVICES
Document Date
April 21, 2026
Contract Term
May 2021 – April 30, 2031, plus optional month-to-month extension up to April 30, 2032
Renewal Date
2032-04-30
Renewal Info
Exercising final five-year renewal option through April 30, 2031, plus adding an optional up-to-one-year month-to-month extension through April 30, 2032 at the same rates.
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