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Morgan Township trustees approve insured cash sweep account with LCNB
Summary
Trustees voted unanimously to enroll township funds in LCNB's insured cash sweep (ICS) program to keep deposits FDIC-insured while earning a higher interest rate.
The Morgan Township Board of Trustees voted to enroll township funds in an insured cash sweep product offered by LCNB, after a presentation by bank staff explaining how the account would keep deposits FDIC-insured while paying a higher yield.
The trustees approved the enrollment by roll call after hearing details from Jason Lyda, director of commercial deposits for LCNB, and Kim (LCNB relationship manager). "Essentially, what this is going to allow is your funds to remain FDIC insured, with our institution, but pay you a higher rate of return," Lyda said, citing an example…
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