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Byron City approves Colony Bank as new financial institution
Summary
At a March 29, 2023 special session, the Byron City Mayor and Council voted unanimously to designate Colony Bank as the city's financial institution; Mayor Michael Chidester said the city should review that choice every two years.
Byron City Mayor Michael Chidester and the Mayor and Council voted unanimously March 29, 2023, to designate Colony Bank as the city’s new financial institution, the council’s minutes show.
The 3:00 p.m. special session, held in the Municipal Complex council chambers, recorded a motion by Council Member Rusty Adams to approve Colony Bank and a second from Council Member Alan Dorsey. The motion passed unanimously. Mayor Chidester told the council that "with market changes, moving forward the city should revisit financial institution changes every two (2) years." The meeting was adjourned at 3:07 p.m.
The minutes list those present as Mayor Michael Chidester and Council Members Rusty Adams, Michael Chumbley, Chris Hodges and Alan Dorsey; Council Member James Richardson and City Attorney Brian Causey were absent. City Clerk Telina Allred, City Administrator Tiffany Sandefur, Deputy Clerk Pam Flournoy and Captain Bryan Hunter attended. Representatives from Colony Bank, Kirk Scott and Jordan Robison, were also present.
The action replaces the city's previous banking relationship with Colony Bank designated as the official depository going forward. The minutes do not include additional details on the duration of the bank contract, any fee schedules, or staff recommendations beyond the motion and the mayor’s comment about reviewing banking relationships every two years.
No votes against or abstentions are recorded in the minutes. The council took no further action at the special session.
