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Sawyer County board approves CD purchase at Franzen Bank after local-investment recommendation
Summary
The board authorized a CD purchase at Franzen Bank after reviewing bids from Ampersand, Franzen and PMA; staff recommended keeping the investment local. Ampersand bid 3.88% with $6,000 fees; Franzen and PMA bid 3.95%.
County staff presented an investment report and a set of competitive CD bids, recommended a local placement, and the board approved a CD purchase at Franzen Bank.
Staff said Ampersand bid 3.88% but would charge $6,000 in fees, leaving a net return to the county of $116,002.86; Franzen and PMA both submitted 3.95% bids, with PMAvarying by only a few dollars. "My recommendation would be to keep it local and invest it back with Branson," staff said before the board moved and seconded the motion to buy the CD at Franzen.
A board member then moved to approve the CD purchase and the motion carried on a voice vote with "Aye" and no opposition recorded in the transcript.
The investment decision follows the county's effort to lock in higher yields on maturing CDs while balancing fees and local-banking relationships. The transcript does not record exact vote counts, only the voice approval.
