July 23, 2014 at 2:10 p.m.
No funds to go to Old National (10/10/05)
Jay County Commissioners
By By MIKE SNYDER-
The county treasurer said today she was “livid” when incorrect figures about a proposed shift in county investment funds were reported last week.
But she apparently wasn’t as unhappy as other area bankers.
Jay County treasurer Fran Milthaler told Jay County Commissioners this morning that she won’t be transferring any money to Old National Bank, which had proposed paying 3.9 percent on a public-funds checking account.
Milthaler, who said she was “inundated” with phone calls from area bankers following a vote last week by the commissioners to move the money, now says it is her decision to make — not the commissioners’.
“I was advised by one of the bankers to investigate other avenues (of investment),” Milthaler said.
She said this morning that she will solicit bids Tuesday on a $1 million certificate of deposit. She has been told the current short-term CD rate is above 4 percent.
Milthaler said she was previously planning to move approximately $3 million of the county’s $5 million in total money market funds to the Old National account. The county also has approximately $9 million in certificates of deposit.
At least one of the commissioners believed the amount being transferred to Old National was $9 million — the figure reported Oct. 3 by The Commercial Review.
The commissioners, who admitted today they were confused about what they did or didn’t do last week, basically said they just wanted the county to earn the maximum amount of interest on its investments.
Milthaler said today she doesn’t plan on transferring any funds to Old National Bank for checking, despite an interest rate that is approximately 1.92 points higher than the current rate on checking at First National Bank.
A proposed service charge by Old National was $25 per month, with the first 300 checks at no additional cost.
She said late this morning she does not plan to shift any of the funds in the checking account at First National Bank, which carried an average balance of $241,000 in September, to Old National. She said she plans to keep the checking account where it is until at least the beginning of next year. She said approximately 400 checks monthly are written out of the First National account.
The annual interest generated on an average balance of $241,000 at 3.9 percent would be approximately $8,000, while the amount generated at 1.98 percent would be approximately $4,000, the treasurer said.
Milthaler told the commissioners and said again in a phone interview late this morning she has not been able to reach Ryan Vannatter, the manager of the Portland branch of Old National, to get answers to several questions.
She said that she would need to verify some information before any funds from the county’s checking or money markets is transferred to Old National Bank.[[In-content Ad]]
But she apparently wasn’t as unhappy as other area bankers.
Jay County treasurer Fran Milthaler told Jay County Commissioners this morning that she won’t be transferring any money to Old National Bank, which had proposed paying 3.9 percent on a public-funds checking account.
Milthaler, who said she was “inundated” with phone calls from area bankers following a vote last week by the commissioners to move the money, now says it is her decision to make — not the commissioners’.
“I was advised by one of the bankers to investigate other avenues (of investment),” Milthaler said.
She said this morning that she will solicit bids Tuesday on a $1 million certificate of deposit. She has been told the current short-term CD rate is above 4 percent.
Milthaler said she was previously planning to move approximately $3 million of the county’s $5 million in total money market funds to the Old National account. The county also has approximately $9 million in certificates of deposit.
At least one of the commissioners believed the amount being transferred to Old National was $9 million — the figure reported Oct. 3 by The Commercial Review.
The commissioners, who admitted today they were confused about what they did or didn’t do last week, basically said they just wanted the county to earn the maximum amount of interest on its investments.
Milthaler said today she doesn’t plan on transferring any funds to Old National Bank for checking, despite an interest rate that is approximately 1.92 points higher than the current rate on checking at First National Bank.
A proposed service charge by Old National was $25 per month, with the first 300 checks at no additional cost.
She said late this morning she does not plan to shift any of the funds in the checking account at First National Bank, which carried an average balance of $241,000 in September, to Old National. She said she plans to keep the checking account where it is until at least the beginning of next year. She said approximately 400 checks monthly are written out of the First National account.
The annual interest generated on an average balance of $241,000 at 3.9 percent would be approximately $8,000, while the amount generated at 1.98 percent would be approximately $4,000, the treasurer said.
Milthaler told the commissioners and said again in a phone interview late this morning she has not been able to reach Ryan Vannatter, the manager of the Portland branch of Old National, to get answers to several questions.
She said that she would need to verify some information before any funds from the county’s checking or money markets is transferred to Old National Bank.[[In-content Ad]]
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