WILMINGTON — There’s a change in which bank handles the active funds for Clinton County government, with county commissioners on Monday entering into a four-year contract with Wilmington Savings Bank.
Clinton County Treasurer Jason Walt recommended Wilmington Savings Bank to commissioners based on the bank’s offer of a 1.6 percent interest rate across the board.
“It was surprising how strong their bid was and we were very pleased,” Walt said later in an interview. He said he had expected the county to receive instead a bid of about 1.25 percent.
Active funds are for the county government’s day-to-day operations. In the range of $10 million will be moved within the next week or so to Wilmington Savings Bank from Peoples Bank, formerly National Bank & Trust, said Walt.
Five financial institutions had made bids to serve as depository of public funds for the county. Those institutions were Wilmington Savings Bank, Peoples Bank, First Financial Bank, LCNB, and PNC Bank. The institutions’ sealed proposal packages were opened Aug. 2 at the same time in a competitive bid process.
The county has worked with Wilmington Savings Bank the past two years on non-active funds, Walt said Monday.
The county treasurer volunteered a comment about Peoples Bank.
“Peoples Bank has been a terrific partner for many years, including four years with me [as the county treasurer]. This is no reflection on their bank. The county simply can earn more with Wilmington Savings at this time,” said Walt.
Peoples Bank’s bid package included a 0.55 percent rate.
During the Monday morning appointment with commissioners, Walt said he is very comfortable with the change in banks, and called it “a pretty clear-cut decision.”
At the meeting, Clinton County Commissioners President Kerry R. Steed thanked Wilmington Savings Bank Business Development Officer Jonathan C. McKay, who was present, for the bank’s “aggressive proposal.”
In a statement Monday afternoon, Wilmington Savings Bank President and CEO Ralph E. “Gene” Coffman Jr. said, “As the only remaining locally owned bank, we take pride in now expanding our available products to include services for the business and public sectors of the county. As part of this expansion, we are honored to have been selected by the Clinton County Commissioners as the primary depository for the county funds for the next four-year period.”
He added the bank is “privileged our county elected officials are demonstrating faith in our deep heritage by providing us with this opportunity.”
In addition to these active funds, the county also has investments with Morgan Stanley.
In other commissioners’ news:
• With two successful Honor Flights having been organized and conducted during 2016 and 2017, two of the project leaders, Jack Powell and Jen Woodland, presented a plaque to county commissioners Monday to commemorate “truly a county event,” said Powell.
In connection with the Honor Flight program, a total of about 135 veterans went to the nation’s capital to see veterans memorials that honor the service and sacrifices of veterans.
Powell mentioned about 50 guardians from Clinton County accompanied the veterans — many of whom are senior citizens — on the flights. In addition, local schools were involved in writing letters to these honored members of various branches of the U.S. military.
He also spoke about the local success in raising funds for the Honor Flights.
A key purpose of the plaque, which commissioners hope to display in the courthouse, is for Clinton Countians who supported Honor Flight to remember their own accomplishments in making the flights happen, said Woodland. The attractive plaque includes photographs of both groups of Honor Flight veterans and a coin from Honor Flight Dayton.
Reach Gary Huffenberger at 937-556-5768.
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