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Board approves Veribank as CISD depository after staff recommendation
Summary
The Corsicana ISD board approved Veribank as the district’s bank depository for a two‑year contract following a staff recommendation comparing interest, fees and fraud prevention among four bidders; the approval was by voice vote at the June 16 meeting.
Corsicana ISD staff recommended Veribank as the district’s depository institution and the board approved the recommendation by voice vote at the June 16 meeting.
Staff said four banks responded to the district solicitation: First State, Veribank, Prosperity and Community National. The competitive review weighed factors such as automated services, funds availability, collateral, cost of services, interest rate and fraud prevention features.
Staff noted First State offered the highest nominal interest rate but required a $5 million minimum in the checking account or a $500 monthly fee, which the staff said the district does not maintain; staff said that fee would have negated the higher rate. Staff recommended Veribank based on a combination of interest rate, lack of fees and stronger fraud‑prevention tools. Veribank’s offer did not carry a minimum‑balance requirement, staff said.
A board member moved to approve Veribank as the district depository for Sept. 1, 2025, through Aug. 31, 2027; the motion was seconded, the board voted “Aye,” and the chair announced the motion carried. The meeting then moved to a closed session under a cited Texas Government Code provision.
