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Board approves VeriBank as CISD bank depository after staff recommendation
Summary
The Corsicana ISD Board voted June 16 to designate VeriBank as the district's bank depository for Sept. 1, 2025–Aug. 31, 2027, following a staff recommendation based on fees, interest and fraud‑prevention features.
The Corsicana ISD Board of Trustees voted on June 16, 2025, to approve VeriBank as the district's bank depository institution for the two‑year period beginning Sept. 1, 2025, after a staff presentation and a motion carried by voice vote.
District finance staff said four banks responded to a request for proposals — First State, VeriBank, Prosperity and Community National — and staff evaluated automated services, funds availability, collateral, cost of services, interest rates and fraud prevention. Staff recommended VeriBank chiefly because it offered a competitive interest rate without fees and strong fraud‑prevention features.
Staff told trustees that First State's nominally higher interest rate would have required the district to maintain a $5,000,000 minimum checking balance or incur a $500 monthly fee; because the district does not keep that minimum, the fee would have negated the interest advantage. The staff presenter said VeriBank's proposal offered no fees and adequate fraud prevention (positive pay on ACH), making it the most favorable overall choice.
A trustee moved the motion to approve VeriBank as the district bank depository; a second was recorded and the board approved the motion by voice vote with the chair calling for "Aye." The motion carried and the board proceeded to adjourn into closed session.
The RFP and staff ranking handout were distributed to trustees before the meeting; staff said the contract term is two years with options to extend up to two additional two‑year periods before the district must rebid.
