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Board authorizes temporary account at First Community Credit Union amid bank acquisition
Summary
Because the district's payroll bank is being acquired by an out-of-state bank not yet certified in Oregon, the board approved opening a contingency account at First Community Credit Union and a phased testing approach for payroll.
Board members approved opening a temporary account at First Community Credit Union as a contingency after the district's payroll bank was acquired by an out-of-state bank not currently certified by Oregon auditors.
A staff member explained the issue: the acquiring bank "is not on the governor's auditors list" for Oregon and the district uses that institution for payroll. Staff reported they had performed due diligence with First Community and that the credit union could handle required payroll volumes. The plan is to phase in the account with administrative checks first and maintain multiple accounts for several months to ensure continuity.
The motion to open the account was moved, seconded and approved under agenda item 7.8. The transcript records that staff will transition checks and run administrative items first before moving full payroll to the new account; trustees did not record a timeline for full migration beyond the multi-month transition.
