The Franklin County Commission on Tuesday formally approved First State Community Bank of Washington as the county’s new depository of taxpayer money.
The county’s first attempt to get a new depository failed with no banks making offers.
Even the Bank of Washington, which has been the county’s depository for decades, did not want the business. Citing the low interest rates, the Bank of Washington said it was no longer economically feasible to be the county’s depository.
After failing to find a bank through the first bid process, the county rebid.
First State Community Bank was chosen over three other bidders — U.S. Bank, First Bank and the Bank of Franklin County, all of Washington.
The agreement with First State Community Bank is for two years.
It may be about 60 days before the county’s funds are transferred from the Bank of Washington to First State Community Bank, officials say.
Presiding County Commissioner John Griesheimer has said that First State Community Bank gave a very competitive bid regarding charges and interest rates.