Rogers School Board adds four local banks to depository list, limits deposits to $5 million each

The Rogers School District Board of Education voted to add four local banks to its list of depositories and to cap deposits at $5,000,000 per institution.

Administration presented a request for information process that produced offers from First Security Bank, United Bank, First National Bank and Chambers Bank and recommended adding them to expand the district's local banking relationships. The presenter said the approach was intended to keep funds liquid while supporting banks that have been active community partners.

The board recorded that board member Mister Gerehan recused himself from the discussion and vote because of a direct conflict of interest. During the motion discussion, the board confirmed the recommendation included a limit that “no more than 5,000,000 will be put with any one of these four individual banks,” language that the board chair read into the motion before the vote.

A motion to approve the recommendation, including the $5,000,000 per‑bank cap, was made, seconded and approved by voice vote. The chair announced the motion passed.

Administrators said the district will gather account forms from the banks and work with the board president and Superintendent Dr. Perry to finalize relationships. No dollar amounts assigned to each bank were specified at the meeting.

Next steps: district staff will collect required documentation from the four banks and return with administrative forms for execution.