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Board authorizes staff to move funds to bank offering higher interest
Summary
Porter Baron Enterprises Association gave staff authority to move money-market funds to the bank offering the best interest rate after comparing PNC (about 3.25%) and Horizon Bank (about 3.65%); one board member abstained and asked staff to consider community-supportive banks.
The Porter Baron Enterprises Association voted Feb. 18 to give staff authority to move the organization’s money-market funds to the bank offering the best interest rate.
Chair (S1) said the board’s PNC account was returning roughly 3.25% and that Horizon Bank had quoted about 3.65% for the balances the association normally carries. Board member (S2) moved to give staff authority to transfer funds to the bank providing the highest yield and to complete related signature-card updates; the motion passed after one abstention.
During discussion a board member (S6) said it would be preferable to consider institutions that actively support the community when selecting a bank. Chair (S1) said staff would notify the board by email and seek affirmation via electronic vote when finalizing any move.
Next steps: staff will await PNC’s response, finalize the highest-rate offer, and proceed with transfers under the board’s delegated authority; board members will be notified by email.
