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Township tables banking decision after debate over hometown bank and technical integration
Summary
The board paused a decision on a depository and merchant-services contract after hearing a consultant recommend a sweep-and-Wells-Fargo option; several directors urged keeping funds with local Woodforest National Bank. Directors voted to table the matter for more staff follow-up on technology integration and transition costs (vote to table: 4–3).
The Woodlands Township on May 20 delayed selecting its depository and merchant-services provider after a lengthy presentation by independent consultant Linda Patterson and a robust discussion about community banking, fees, and technology integration.
Patterson, hired by staff to evaluate seven proposals, said the lowest net-cost and highest-earnings option in her spreadsheet analysis would be to institute a nightly sweep to a money-market vehicle and award the core banking contract to Wells Fargo. “The recommendation is pretty…
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