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Jackson names JPMorgan Chase public funds depository after debate over branches and fees
Summary
After extended questioning about branch access, fees and interest rates, the Jackson City Council designated JPMorgan Chase as the city's public funds depository for 2026-2029. Councilmembers were split over out-of-state depositories and the availability of branches for city employees; the measure passed 5-2.
The Jackson City Council voted on Feb. 10 to designate JPMorgan Chase Bank as the City of Jackson's public funds depository for 2026 through 2029.
CFO Jillian Caldwell and CAO Peter Taberson presented the banking bid analysis, saying the administration evaluated interest rates, banking-service fees and other factors. Taberson told council the administration recommended a four-year depository term and noted the state statute on banking bids had changed in 2024, allowing a term longer…
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