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Eddy County approves investment-agency agreements and network deposit setup to expand insurance and liquidity
Summary
The county treasurer asked the commission to approve investment-agency agreements with CMB Bank and Western Commerce Bank and to enroll county deposits in the IntraFi network to increase FDIC coverage and earn interest; commissioners approved the proposals.
The county treasurer presented two related banking items: an investment-agency agreement with CMB Bank and an investment-agency agreement with Western Commerce Bank, and described a network deposit (IntraFi) option to expand FDIC insurance for larger deposits. The treasurer said the IntraFi arrangement is "100% collateralized" and noted it offers liquidity with a 24-hour notice; a representative cited a quoted return of 2.95% for the deposit product.
Commissioners praised the decision to keep county funds within local banking institutions and voted to approve the agreements. Chair called for the motion, the board seconded it and commissioners recorded unanimous approval. Staff said once the accounts are set up they will be ready to receive funds and the treasurer will proceed with contracting steps and account setup.
