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Dunsmuir council approves moving reserve accounts from Banner Bank to Mechanics Bank
Summary
Council approved staff's recommendation to transfer three long‑term reserve accounts (two CDs and one savings) from Banner Bank to Mechanics Bank for consolidated online access and similar interest returns; staff said Mechanics accounts are currently earning just under 4%.
Interim city manager Nicholson told the council that the city currently holds three long‑term reserve accounts at Banner Bank—two certificate‑of‑deposit accounts and one long‑term savings account—and recommended moving those reserves into Mechanics Bank to consolidate access and staff time. "There are currently 3 accounts at Banner Bank that are long term reserve accounts. 2 of them are CD, certificate of deposit accounts. 1 is just a long term savings account," Nicholson said.
Nicholson said Mechanics Bank accounts are earning just under 4% and that the city also maintains funds in the Local Agency Investment Fund (LAIF). Council member Clarno moved to approve the transfer; Vice Mayor Sebring seconded and the motion carried on roll call. No public commenters addressed the item during the public comment period.
