Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Lumpkin to move city accounts from Five Star Credit Union to Citizens Bank after federal rules
Summary
Council voted unanimously to move 11 city checking and savings accounts from Five Star Credit Union to Citizens Bank in Preston, GA, after federal regulations required government funds be held in FDIC-insured facilities.
The City of Lumpkin council voted Nov. 12, 2024, to transfer all city checking and savings accounts from Five Star Credit Union to Citizens Bank in Preston, Ga., after being told federal regulations require government deposits to be held at FDIC-insured institutions.
The mayor informed the council that Five Star Credit Union could no longer house government funds and that the city maintains eleven checking accounts that must be moved to an insured bank. Councilmember B. Cullefer moved to transfer the accounts to Citizens Bank; Councilmember M. House seconded and the motion passed 6-0.
The minutes record no further debate about which specific accounts or the timing for the transfers. The clerk and mayor will follow up to complete the transfers and ensure continuity of city banking services.
