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Sweetwater Authority approves up to $2 million investment with Neighborhood National Bank
Summary
The committee approved a resolution authorizing up to $2,000,000 to be invested via CD instruments with Neighborhood National Bank through a CDARS-like program; the motion passed with one abstention.
The Sweetwater Authority Finance and Administration Committee on March 3, 2025, approved a resolution authorizing investment of up to $2,000,000 in certificates of deposit placed through a program that spreads deposits across banks to maintain federal insurance.
Rich Stevenson, identified in the meeting as director of finance, told the committee the program places funds in CDs and that federal insurance coverage applies in $250,000 increments;…
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