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East Point council hears bank pitches as officials map an investment policy; city manager can reconfigure accounts to raise interest
Summary
Councilmembers heard presentations from OZK and Regions Bank on restructuring municipal accounts and deploying a commercial card platform; Regions estimated changes could generate roughly $60,000 in additional interest per month if the city manager implements recommended account restructuring. Council directed staff to bring an investment policy and final bank proposals back in March/April.
Councilwoman Ziegler opened a presentation on an investment policy and invited bank representatives to describe options for the city’s cash-management arrangements.
Leonard Bohannon of Bank OZK introduced his firm and its local office in East Point and said the bank seeks to build local relationships and “add value to the city of East Point” through deposit and treasury solutions.
Representatives from Regions Bank said the city’s current account structure is not optimized for interest income and rebates. Fabian Wilson, Regions’ vice president and commercial-relationship manager, told council: “If…
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