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State Bank pitches 1% checking, on-site check scanner to Bear River officials
Summary
Representatives outlined a municipal banking package including a 1% checking/money-market account with no monthly fees, offer to install a check scanner at town offices, and suggested CD laddering; staff asked for follow-up reports and documentation.
Meeting chair opened the night by introducing representatives from State Bank, who urged the town to consider switching some deposits and services to the bank.
An unidentified presenter described account options the bank could provide to the town, saying the bank offers “a 1% checking account. No fees.” The presenter added the bank would install a check scanner in the town office so staff could deposit checks without traveling to a branch. He also recommended a mix of short-term instruments and CD laddering to manage interest-rate risk and noted early-withdrawal penalties typically run three to six months for some CDs.
Council members pressed for reports and statements to monitor accounts. The presenter said the bank would supply regular statements and return to show how the accounts performed. The presenter also referred to a $5,000,000 figure used in bank resolutions as an amount they had placed in their materials.
The council did not take action the night of the presentation; staff indicated they would review the bank’s proposals and follow up with the bank for documentation and a written proposal.
The bank presentation concluded with the council thanking the presenters and asking staff to place follow-up items on a future agenda.
