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Tremont Select Board moves investment account to First National, keeps operations accounts with Bar Harbor
Summary
The Select Board voted to move the town’s ICS Investment Account to The First National Bank at 4.2% for nine months while keeping operations accounts with Bar Harbor Bank & Trust at 4.1% for 12 months, citing recent bank proposals and rates.
The Tremont Select Board voted Sept. 16 to move the town’s ICS Investment Account to The First National Bank and to keep its Operations ICS Accounts at Bar Harbor Bank & Trust with an adjusted rate.
Kevin Buck, a Select Board member, moved that the board accept The First National Bank proposal to place the town’s ICS Investment Account at a rate of 4.2% for nine months; the motion was seconded by Howdy Goodwin and passed unanimously. In a separate motion, the board authorized Town Manager Jesse Dunbar to remain with Bar Harbor Bank & Trust for the town’s Operations ICS Accounts at a rate of 4.1% for 12 months; that motion also passed unanimously.
The moves split the town’s short-term cash holdings between two institutions following a review of proposals from both banks. Board members did not provide additional public detail about expected dollar amounts to be transferred during the meeting.
The decisions follow standard municipal cash-management practice of seeking competitive short-term yields while maintaining operational liquidity. Town Manager Dunbar presented the proposals and the board approved both motions during the business portion of the meeting.
The board’s resolutions were routine motions approved by majority vote; the meeting minutes record the board's action but do not list specific transfer amounts beyond the account-type decisions. The board will proceed with any necessary administrative steps to implement the account changes.
