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Board authorizes backup bank account after local bank takeover
Summary
Facing an acquisition of the district's payroll bank by an out-of-state buyer not yet certified in Oregon, trustees approved temporarily opening payroll-capable accounts at the 1st Community Credit Union to protect payroll continuity.
District administrators told the board that Community Bank, which currently processes the district's payroll, is being purchased by a bank out of Washington that is not yet on Oregon's certified-auditor list. To avoid payroll disruption, staff recommended opening an account at the 1st Community Credit Union in Milton-Freewater that can handle the district's June payroll and meet electronic-transaction requirements.
"This is the bank that we run our payroll through," the staff member said while explaining the contingency plan and due diligence performed with local and state account managers. Trustees voted to open the temporary account and staff said they will migrate a limited set of administrative checks first as a precaution while the new bank secures the necessary certification.
