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Treasurer advises leaving pledged bank securities in place after Independence Bank request
Summary
Treasurer Katie reported Independence Bank asked to release nearly $2.745 million in pledged securities; she recommended the county keep the pledges given daily balances can exceed insured amounts, and commissioners agreed to leave them in place.
Daniels County Treasurer Katie updated commissioners that Independence Bank asked the county to release pledged securities totaling $2,744,867.30 but that doing so would leave about $1,000,038.01 of pledged collateral to cover county balances.
"The ones that they were wanting to release amounted to $2,744,867.30 to release, leaving us only with $1,000,038.01," Katie said, explaining that the bank watches account balances and adds collateral if needed but cannot release pledged securities without the county's signature. She said county balances frequently move between $3 million and $6 million depending on tax collections and recommended leaving the pledges in place to maintain full coverage.
Commissioners agreed to keep the pledged securities as-is and asked the treasurer to file the bank paperwork while monitoring balances and collateral levels during high-deposit periods like tax collection season.
