While a formal vote has not been taken, it appears the county commission will select First State Community Bank of Washington as the new depository of taxpayer funds.
The county recently received four bids from banks interested in holding the county’s funds.
The first attempt to get a depository failed when no banks submitted bids.
But the county modified its bid request, and four banks made offers — First State Community Bank, U.S. Bank, First Bank of St. Louis and the Bank of Franklin County.
County officials agreed on First State Community Bank after a meeting last week when the bank bid proposals were reviewed. The county commission, as well as the county clerk, treasurer, auditor and collector attended the meeting.
A formal vote to select First State Community Bank is expected at next week’s meeting.
“They gave a very, very competitive bid regarding the charges, the interest rate and all of that,” Presiding County Commissioner John Griesheimer said.
He added that St. Francois County banks with First State Community Bank.
Currently, the county’s funds are held by the Bank of Washington, which has been the county depository for decades.
Citing the low interest rates, the Bank of Washington said it was no longer economically feasible to be the county’s depository.
Griesheimer said he thinks the county’s funds can be transferred from the Bank of Washington to First State Community Bank within about 60 days.