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Commissioners launch formal process for county depository after Mechanics Bank raises concerns
Summary
After receiving a letter from Mechanics Bank saying county funds appeared to be moving to another bank, commissioners approved a motion to invite a competitive application process under Ohio law and send a formal letter to the treasurer and auditor asking for deposit documentation.
The Richland County Board of Commissioners voted July 17 to start a formal process to select the county depository after a local bank raised concerns that the treasurer's office had opened accounts with another institution without commissioners’ signatures.
Commissioner Tony Vero told the board that Mechanics Bank had sent a July 11 letter saying it had been in contact with the treasurer’s office and believed the county was preparing to move significant taxpayer funds to another financial institution. "We received a letter from Mechanics Bank," Vero said. "This was news to me, and we have not been provided deposit slips noting commissioners' signatures."
County counsel and staff said they reviewed the Ohio Revised Code provision that governs county depositories and found the statute (ORC 135.33) requires a competitive solicitation process and a commissioners’ resolution when selecting a depository. "There's a code provision, and…
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