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Committee hears 5 Star Bank account pitch; county to confirm investment‑policy compliance before opening
Summary
Alpine County officials discussed opening a public money market account with 5 Star Bank as an alternative to LAIF; a committee member raised concentration concerns about the bank’s commercial real estate holdings, and the bank said county deposits would be collateralized by a Federal Home Loan Bank letter of credit.
Alpine County officials discussed Thursday whether to open a public money market account with 5 Star Bank as an alternative to the State Treasurer’s Local Agency Investment Fund (LAIF). The item was presented as informational; the committee did not approve opening an account and said staff must confirm compliance with the county’s investment policy before any account is opened.
Klaus Leidenbauer, director of finance and county…
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