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Neighborhood National Bank asks San Diego Community Power to consider up to $10 million deposit
Summary
At the March 20 meeting of the Finance and Risk Management Committee, Scott Andrews of Neighborhood National Bank asked San Diego Community Power to consider placing up to $10 million in reserve deposits with his CDFI, saying funds would be FDIC-insured and offered at a competitive rate.
Scott Andrews, president and CEO of Neighborhood National Bank, used the public comment period at the Finance and Risk Management Committee meeting on March 20 to renew a request that San Diego Community Power consider placing deposit reserves with his institution.
"We visited the committee several months ago to inquire and express our interest in serving as a depository for San Diego Community Power," Andrews said. He described Neighborhood National Bank as a Community Development Financial Institution that serves low- and moderate-income communities and minority-, women- and veteran-owned businesses. "We're still interested in providing San Diego Community Power with banking services," he said, asking that the committee or Chief Financial Officer Dr. Eric Washington consider placing up to $10,000,000 in reserve funds on deposit with his bank.
Andrews told the committee the bank could provide FDIC insurance coverage for deposited funds and would offer a competitive rate; he requested follow-up discussions with Dr. Washington and appropriate staff. No committee action or vote followed the public comment.
The request was made during non-agenda public comment and was recorded so the committee and staff could decide whether to pursue further conversations with the bank. Dr. Eric Washington later discussed general deposit and reserve management practices during the treasurer's report but did not announce any decision on Andrews' proposal by the meeting's end.
Ending: The committee did not take action on the request during the meeting; Andrews said he was available to answer questions and to meet with staff for follow-up.
