County shifts financing from JPMorgan Chase to Huntington Bank for better rates

During the recent Genesee County Board of Commissioners meeting on May 14, 2025, significant discussions centered around financial transparency and the county's banking relationships, highlighting the importance of maintaining a strong fiscal reputation.

A key topic addressed was the county's continuing disclosure requirements, particularly concerning the reporting of significant negative events to the Municipal Securities Rulemaking Board (MSRB). A commissioner raised questions about the types of events that would necessitate immediate reporting, such as delinquency on bond payments, changes in bond ratings, or bankruptcy filings. The treasurer clarified that there are approximately 18 specific events that must be reported within ten days, emphasizing the importance of these disclosures for investors holding county bonds. This process is akin to how individuals report financial issues to credit bureaus, ensuring that investors are informed about any factors that could affect their investment security.

The meeting also explored the county's banking relationships, particularly a recent transition from JPMorgan Chase to Huntington Bank. The treasurer explained that rising costs and a lack of competitive bidding from JPMorgan prompted this change. Huntington Bank was chosen for its favorable rates and superior technological capabilities, which allow for more efficient financial transactions. This switch is expected to enhance the county's financial operations, freeing up credit balances more quickly and improving overall fiscal management.

Additionally, a commissioner suggested that the county should consider the community reinvestment ratings of financial institutions when selecting banking partners. This recommendation aims to ensure that the county engages with banks that demonstrate a commitment to community investment, reflecting a broader responsibility to the public.

Overall, the discussions during the meeting underscored the county's commitment to financial prudence and transparency, as well as the importance of fostering relationships with banks that align with the county's values and financial goals. As the county moves forward, these considerations will play a crucial role in maintaining its financial health and community trust.