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Ironton moves $250,000 between banks and creates new certificates of deposit
Summary
The board voted to move $250,000 from OFSL to FSCB, place $20,000 into an 80K CD, and create a new $230,000 CD, leaving $500,000 at OFSL at 3.95% for seven months, per the minutes. The motion passed unanimously.
At its June 23 meeting the Ironton Board of Aldermen authorized a transfer of $250,000 from OFSL to FSCB and recorded the creation of a new certificate of deposit for $230,000 and a placement of $20,000 into an 80K CD. The minutes state this maneuver will leave $500,000 on deposit at OFSL earning 3.95% for seven months. The motion was made by Alderman Andrew McClanahan, seconded by Alderman Roy Logan, and carried unanimously among members present.
The minutes use bank abbreviations (OFSL and FSCB) but do not expand them or identify the institutions in full; the record lists interest rate (3.95%) and term (seven months) for the funds left at OFSL. The minutes do not record account numbers, the bank names in full, or which staff will execute the transfers; staff follow‑up is implied but not recorded in the minutes.
