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Freestone County selects Community National as county depository after competitive bids
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Summary
After reviewing three bank proposals, county officials voted to name Community National as the county depository, citing its higher interest return and competitiveness on account services; motion carried by voice vote.
Freestone County officials voted during a public meeting to name Community National the county depository after reviewing three competitive bank proposals.
County staff member Mandy told the meeting that three banks submitted proposals and that each had answered a worksheet listing the county's requirements. "Each one was very competitive against each other," Mandy said, adding that "the interest rate is ... the difference" among the bids.
Mandy said Community National offered the highest interest rate on checking accounts, which she said was the primary factor in the county's decision. "Community National was the 1 with the highest interest rate," she said.
A motion to select Community National as the depository was made and seconded; the meeting minutes record that the motion carried by voice vote. The commissioners thanked all bidders and asked staff to retain the good-faith checks from non-selected banks for recordkeeping.
The discussion reflected a narrow set of practical differences among the proposals, with Mandy saying that other service elements were "pretty much the same" across bidders and would not have altered the selection.
No statutory citations or ordinance references were invoked during the discussion. The record does not show individual roll-call votes or the names of the members who moved and seconded the motion.
The county will proceed with Community National as the depositary bank; staff will handle the administrative steps to finalize the relationship and notify the unsuccessful bidders.
