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Erath County retains InterBank as depository; First Financial and Bank of Houston named subdepositories
Summary
After reviewing proposals from three banks, county staff recommended keeping InterBank as the county’s primary depository and naming First Financial and Bank of Houston as subdepositories; the commissioners approved the contracts as recommended.
Erath County Commissioners on Monday voted to keep InterBank as the county’s primary depository and to designate First Financial Bank and Bank of Houston (Dublin) as subdepositories.
County Treasurer Schaubert and county audit staff reviewed proposals from InterBank, First Financial and Bank of Houston and recommended retaining InterBank to avoid administrative disruption and leverage existing account relationships. The staff report said Bank of Houston’s proposal better fit subdepository needs than primary-depository requirements.
"Maintaining the existing relationship with InterBank would minimize disruption to county operations," the county treasurer told the court. The court voted to approve InterBank as the main depository and to name First Financial and Bank of Houston as subdepositories; the approvals were unanimous on voice vote.
The county will notify the banks of the decisions and confirm their willingness to serve under the county’s depository and subdepository contracts. No immediate budgetary impact was reported at the meeting.
Speakers on the item included County Treasurer Schaubert and the commissioners.
