LAUREL HILL — The city of Laurel Hill will invest their funds at a new Crestview bank.
The First NBC Bank, where Laurel Hill previously had certificates of deposit, closed in April. Whitney doing business as Hancock Bank took over the bank and its Crestview branch.
When the bank initially closed, the city’s CDs were sent back to them; the council members needed to find a new bank to send their CDs, and this was voted for at the June 1 council meeting.
According to Nita Miller, city clerk, there is a Florida Statute that states city funds need to be in a bank that deals with public funds. A list of these prospective banks was provided in the meeting’s agenda.
After looking over the list of six banks with branches in Crestview, the council made a motion to discuss the nominees.
Councilman Scott Moneypenny asked if the city could just redeposit their CDs at Hancock; however, upon further discussion, the council members saw that a different bank had a better yearly return rate.
CCB Community Bank in Crestview offered the city a rate of 1.45 percent, a special for new money, for having their CD with them for a year. This was a higher rate compared to four of the other banks in which 0.1 percent was the year rate, and Compass Bank which had the next highest at 0.75 percent.
Councilwoman Debra Adams said that the city could look again in a year to see if other banks have a better rate.
A motion was made by Moneypenny to reinvest the CDs in CCB Community Bank; the motion was seconded by Councilman Johnny James, all the council members were in favor and the motion passed.