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Trumbull County treasurer recommends five banks as public depositories under four-year agreement
Summary
Treasurer’s office said nine Trumbull County banks were invited to bid; five submitted proposals and are being recommended for the county depository agreement, which is renewed every four years under Ohio law.
Trumbull County’s treasurer reported to the commissioners on July 23 that the county followed the four‑year Ohio Revised Code process for naming public depositories and is recommending five banks after contacting nine local institutions.
According to the treasurer’s presentation, a bid packet and public notice were sent to nine Trumbull County banking institutions; five responded and are being recommended in the county resolution. The five banks named in the meeting are Huntington National Bank, First National Bank, KeyBank, Farmers National Bank and PNC Bank.
The treasurer explained that the county advertises an anticipated maximum deposit amount to bidders (the current packet listed an anticipatory total of $210,000,000) and that county collateral rules require a 103% insurance/collateral level on county deposits, which differs from the standard FDIC treatment. He said the prosecutor’s office had reviewed the packet and that this list will remain in place for another four years unless changed.
Why it matters: The county’s public depository list determines where and how county funds are held and what collateral arrangements banks must meet. The county’s rules and advertisement influence banks’ decisions about how much of the county’s funds they will accept.
Unresolved items: The transcript does not record a formal roll-call vote adopting the resolution at this meeting; the treasurer said the recommendation will appear in the commissioners’ resolution paperwork.
