United Bank secures CD

Published 6:02 pm Monday, January 29, 2007

By By Lisa Tindell
The Escambia County Commission has reinvested $1 million following action taken during their regular meeting Monday.
"The $1 million certificate of deposit matured on Friday at a rate of 3.5 percent. That money was held at BankTrust," said Dan Britton, financial advisor from BankTrust.
Each bank in Escambia County is given an opportunity to bid on the renewal of the certificate of deposit at competitive rates.
"Typically United Bank in Atmore always finishes a strong second when we receive the offerings," Briton said. "However, this time United Bank has the best offer across the board."
Britton then recommended the commission renew the $1 million certificate with United Bank at a 5.27 percentage rate for a 24-month maturity period.
"The Federal Reserve met in December and won't meet again until March," Britton said. "They decided to leave interest rates where they were at that meeting. If they do any changing at the March meeting, it may be to reduce the interest rate."
Britton reminded the Commission that additional $1 million CDs would reach maturity in February and March.
"If the Feds do decide to lower the interest rates in March, maybe we can get those renewed before the new rate would start," Britton said. Following brief discussion by Commission members, the group unanimously agreed with Britton and placed the CD in the hands of United Bank in Atmore.
In other business, County Engineer Bill Bridges recommended a "No Thru Trucks" sign be posted on Blacksher Road.
"The road is a residential dead end street," Bridges said. "It is not built to specs to allow trucks on the road."
All commissioners voted in favor of posting the area to prohibit large truck travel on the road.

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