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Okarche board to move activity funds to Community National Bank over FDIC concerns
Summary
Board approved opening an activity-account at Community National Bank and authorized district officers to manage the account and transfer funds because the current account at The First Bank of Okarche exceeded FDIC insurance capacity and lacked collateral pledges.
The Okarche Public Schools Board voted to open a new activity-account at Community National Bank in Okarche and authorize district officers to manage and transfer funds from the existing account at The First Bank of Okarche. The agenda item stated the current account was "over FDIC insurance capacity and collateral pledges not available," and the board approved the bank change unanimously.
The motion approving the new account instructed staff to move existing activity funds to the new account and authorized the superintendent, treasurer, deputy treasurer, activity account custodian, and accounts payable/receivable custodian to manage the account. The transcript records the rationale as FDIC insurance capacity limits and lack of collateral pledges; the board did not record further financial details beyond the stated reason.
