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Commissioners probe bank insurance after treasurer's report shows large balances
Summary
A commissioner asked whether an account holding about $2.4 million was fully protected after treasurer’s paperwork showed only $250,000 FDIC coverage; county staff said securities and collateral within the bank cover funds beyond FDIC limits.
During routine financial review, a commissioner raised concern that an Independence Bank checking account showed roughly $2.4 million while the FDIC-insured amount was listed as $250,000.
“It's got, like, $2,400,000 in there if I'm reading it right, but the insured amount is 250,000,” Commissioner (S6) said, prompting staff to explain that the bank holds additional collateralized accounts and securities that cover deposits above the FDIC single-account cap. Staff (S3) said the documentation demonstrates the county’s accounts are fully covered through those arrangements.
The treasurer's monthly report and journal vouchers were reviewed at the meeting and approved after commissioners had a chance to look through the documents. Commissioners asked the treasurer and staff to have Julie (treasury staff) attend a later meeting to walk through the securities documentation in more detail.
