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Board rejects moving district funds; tables bank-transfer question for more information
Summary
A motion to move district accounts from Ladysmith Federal Savings and Loan to Security Financial Bank failed on a 0-6 vote; the board then voted to table the decision until more information is available.
Board members debated whether to move district deposits from Ladysmith Federal Savings and Loan to Security Financial Bank. During discussion Lana Nelson suggested moving away from Ladysmith Federal Savings and Loan; Doug Verdegan argued the local bank is a large supporter of the district. The motion to move the accounts failed 0-6. The board then voted 6-0 to table the question until additional information could be provided.
The minutes record differing viewpoints about community relationships with the banks but do not list specific financial analyses; the business office described how district funds flow. Because the motion failed, the district’s accounts remained with Ladysmith Federal Savings and Loan pending the tabling and further information.
