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Council unanimously extends depository contract with South State Bank through June 30, 2027
Summary
The Hewitt City Council voted 7–0 on June 1 to approve the first one-year extension of its depository services contract, allowing South State Bank to continue terms previously negotiated with Independent Financial through June 30, 2027.
The Hewitt City Council unanimously approved a one-year extension of its municipal depository agreement with South State Bank on June 1, continuing the terms first negotiated under Independent Financial.
Staff told council the original contract, awarded after bids in 2024, had a term running July 1, 2024 through June 30, 2026 and included three one-year extension options under the same terms and conditions. Since Independent Financial was acquired, South State Bank provided a written commitment to honor the existing terms, staff said.
Council member Mr. Potter moved to approve the extension and Mr. Turner seconded. The clerk recorded the vote as seven in favor, none opposed. The motion carried 7–0, extending the depository arrangement through June 30, 2027.
The extension preserves existing terms and conditions and does not change rates or service commitments according to the packet the council received. Staff offered to answer any council questions prior to executing the extension.
