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Ulster County discusses $40 million move to diversify bank holdings; comptroller urges broader plan
Summary
The Ways and Means Committee debated authorizing use of an "I Class" investment to move $40 million out of Bank of Greene County as a first step toward diversification. Comptroller Gallagher and committee members pressed for a more complete, staged plan and clearer reporting from the county's advisory board.
The Ulster County Ways and Means Committee on June 12 debated a resolution to authorize use of an "I Class" investment vehicle and to transfer $40,000,000 from the county's deposits at Bank of Greene County as an initial diversification step.
Committee members said the authorization is intended to reduce concentration risk in a single bank while the county evaluates staged diversification options. The discussion focused on how much to move now, how the plan would be communicated, and whether additional legislative approvals would be required for future transfers.
Comptroller Gallagher told the committee, "So, as of March 31, and I do have current numbers, but I'm gonna use March 31, we had $257,000,000 in Bank of Greene County. That is a huge percentage of their assets. And even once we take this…
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