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Temple ISD reviews Intrify Cash Service partnership with Alliance Bank Texas
Summary
Temple ISD staff presented an informational briefing on a new partnership with Alliance Bank Texas using Intrify Cash Service to diversify district deposits and increase FDIC coverage; the item was informational only and required no board action.
Temple ISD staff on March 17 presented an informational overview of a proposed deposit arrangement using Intrify Cash Service (ICS) through Alliance Bank Texas. The presentation described how ICS would allow the district to open a single account with Alliance Bank Texas that spreads funds across participating banks to remain within FDIC insurance limits while earning a set interest rate.
Terry Stanford, speaking for the district’s finance team, said the district intends to initially deposit $1,000,000 into the ICS account. He explained that ICS spreads funds across participating banks, not to exceed $250,000 per bank, to maximize FDIC insurance coverage while using demand and money market deposit accounts to preserve liquidity for district operations. Stanford said the arrangement supports diversification and local banking relationships and that the ICS presentation was for information only and did not require board approval.
Tyler Johnson, identified in the presentation as market president of Alliance Bank Texas and a Temple High alum, was noted as the banking contact who brought the ICS opportunity to the district.
What this means District staff described the ICS arrangement as a tool to diversify deposits and increase FDIC coverage while supporting community banks. No formal action or vote was taken; the presentation was informational and will be considered in the district’s investment strategy as appropriate.
