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Wood County names three banks as county depositories; WesBanco bond pledged at $35 million
Summary
Pursuant to state law the commission designated Community Bank, United National Bank and WesBanco as county depositories for FY 2024–2025 and recorded WesBanco’s $35,000,000 bond and related pledge agreements.
Pursuant to Chapter 7, Article 6, Section 1, of the Official Code of West Virginia, the Wood County Commission on June 17 ordered the designation of Community Bank (Parkersburg), United National Bank (Parkersburg) and WesBanco (Parkersburg) as county depositories for fiscal year 2024–2025 and directed that updated lists of pledged securities be made part of the official record (Order A/2960).
The minutes and attached documents include a WesBanco application and pledge indicating an effective depository agreement from May 1, 2024, through April 30, 2025, and reference a bond executed in the amount of $35,000,000. The WesBanco paperwork lists Heather Linda as Vice-President & Deposit Support Manager and shows corporate authorization for providing collateral securities. Community Bank provided an updated list of pledged securities and a contact, Lorie A. Webb, vice president, Downtown Parkersburg branch.
The commission’s action is recorded as an order to accept the depository bonds and updated lists of securities and to include them in the official minutes; the record does not include additional discussion of collateral specifics beyond the attachments.
