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County officials say bankers’ bill could cost Sedgwick County about $3 million a year
Summary
County finance staff briefed commissioners on a bankers’ proposal that would create a state collateral pool for public deposits and require preference for local banks, a change staff estimated could reduce county investment returns by about $3 million a year.
County finance staff on Feb. 7 briefed commissioners on a proposal carried by the Kansas Bankers Association and Community Bankers Association that aims to increase public deposits held by local banks.
Brent (county finance staff) summarized two core components: creation of a state-managed collateral pool to cover public-deposit balances above $250,000 so banks would not need to post individual…
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