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Board approves opening temporary account at local credit union amid bank acquisition
Summary
Facing a bank acquisition that could leave the district unable to use its payroll bank, administrators asked the board to open a temporary account at First Community Credit Union as a payroll backup; the board approved the contingency move.
Miss McGuff (S3) briefed the board that Community Bank—where the district runs its payroll—is being acquired by an out-of-state bank not yet certified by Oregon for government business. To avoid payroll disruption the administration recommended opening an account at First Community Credit Union (the local credit union) and phasing payroll through it for a few months while verifying the new owner’s certification.
"This is the bank that we run our payroll through," Miss McGuff said, noting concerns about the new bank not yet being on Oregon's certified list. The board moved to open the temporary account, and the motion carried. Administration said they had done due diligence with the credit union and planned a staged transition—running admin checks first—before moving full payroll to the backup account.
