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Board approves Marquee Escrow contract amendment to add conflict‑of‑interest language ahead of ownership transfer
Summary
The investment committee approved an amendment to the Marquee Escrow loan servicing contract to add conflict‑of‑interest language in preparation for an ownership transfer to Big Horn Federal Savings Bank; staff said the amendment does not change service terms.
The Wyoming Business Council’s investment committee approved an amendment to the Marquee Escrow loan servicing contract to add conflict‑of‑interest provisions ahead of a planned ownership transfer. Committee staff said the change is a preparatory step to facilitate a private‑sector ownership transition and will not alter the existing service terms, staff or the Cheyenne operations in the near term.
Mr. Wendling explained the amendment inserts conflict‑of‑interest language into general provisions to help the private transaction proceed without delaying services. Staff indicated Marquee will retain its name, current staff and Cheyenne location immediately after the transfer and that the amendment would allow the council to move “at the speed of business” once negotiations finalize. The board moved, seconded and approved staff’s recommendation by voice vote.
The amendment is conditioned on final legal review of the draft language and does not change the loan servicing terms currently in place.
