Truist presents repricing proposal to La Vergne, estimates roughly $1.49M yearly interest

La Vergne — Representatives from Truist Bank presented a proposed repricing of the city's banking relationship at the Board of Mayor and Aldermen workshop June 26 and estimated material interest earnings if the board accepts the proposal.

Hayden Oakley, account representative for Truist, and Matt Sclefani, Treasury Consultant, told the board the repricing would tie the city’s account rate to the upper bound of the federal funds rate plus 100 basis points. Using current reference rates they cited, Truist estimated the city would earn about $124,000 in interest per month or roughly $1,490,000 per year under the proposed arrangement.

Questions from aldermen addressed the rate term and mechanics. Oakley said the pricing is positioned for five years and is indexed to the federal funds upper bound — if the Fed raises or lowers rates, the city’s yield under the proposal would move accordingly. Oakley said the 100‑basis‑point spread was a competitive offer based on recent municipal RFPs the bank has won; he said the bank could not lower the spread in that meeting.

Board members also asked whether Truist had plans to open a physical branch in La Vergne; Oakley said branch openings are evaluated by usage and market demand and that the bank continually assesses branch needs, but gave no commitment.

What happens next: the presentation was informational; no formal action or award was recorded at the workshop. Staff will include the proposal in future procurement or banking discussions as appropriate.