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Board approves move from BMO to Western Alliance/First Independent Bank to seek higher yield
Summary
The Board voted unanimously to close its BMO account, transfer funds to Western Alliance Bank (doing business as First Independent Bank) for higher interest, and add three authorized signers: Executive Director Frank DiMaggio, President Carla Perlotto, and Secretary-Treasurer Swadeep Nigam.
The Nevada State Board of Osteopathic Medicine approved closing its long-standing account at BMO and opening new account(s) at Western Alliance Bank, doing business as First Independent Bank, to obtain higher interest yields. The Board also authorized transferring all funds from BMO to the new account(s) and adding Frank DiMaggio, Carla Perlotto and Swadeep Nigam as authorized signers.
Executive Director Frank DiMaggio told the Board the BMO account yielded approximately 0.596% interest and there was no opportunity to increase that rate. He reported that Western Alliance/First Independent offered higher rates and that physical branch access was not required to operate the account. Board members voted unanimously to approve the change and update authorized signers.
