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Treasurer recommends retaining pledged securities after Independence Bank asks to release collateral
Summary
Daniels County treasurer told commissioners that Independence Bank requested release of roughly $2.74 million in pledged securities; the treasurer recommended leaving the pledges in place through tax season and adding pledges only if required.
Treasurer Katie briefed the board Feb. 17 about a letter from Independence Bank asking the county to authorize the release of pledged securities that back deposits in county accounts.
Katie said bank staff explained they monitor county account balances and would re‑add pledged collateral if the county’s balances rose above insured limits. The bank’s request would release about $2,744,867.30 of pledged assets, leaving a smaller pledged balance, Katie said. She told the commissioners she was uncomfortable releasing collateral now because tax‑collection season in April and May will increase account balances and require additional pledged coverage.
Board members agreed there was no need to authorize a release immediately; the treasurer will leave the securities in place for now and revisit the question after tax collections when account levels are clearer.
No formal change in pledged collateral was executed during the meeting.
