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Board hears update on bank collateral increase and local credit union program
Summary
The deputy treasurer told the board the county signed a July agreement with Wells Fargo to increase pledged collateral to about 75% (signed copy pending) and said Sunward Credit Union has proposed a local lending program that the county may consider for deposits.
Ryan Travellstead told the board the county has been meeting statutory collateral requirements and in July reached an agreement with Wells Fargo to increase pledged collateral from the statutory 50% toward about 75%; he said the county has not yet received the signed document but believes Wells Fargo is already honoring the higher pledge.
Travellstead also described evaluating a program like the one offered by a local bank and said Sunward Credit Union has approached the county with a similar proposal promising local lending of deposited funds. "From my initial impressions, yes," he said of Sunward's loan portfolios, adding the county may consider a deposit with Sunward after further review.
Commissioners did not take final action on either item during the meeting; Travellstead said staff will return with further details if the county pursues a Sunward deposit.
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