City is Switching Banks

In accordance with Indiana Code 36-4-10-4.5, as the fiscal officer, I have decided to switch all city and utility bank accounts to Salin Bank.  I did not take this decision lightly.  I have spent months analyzing proposals to ensure I made the best financial decision for this community.  At the first of the year, I learned that our funds were not earning any net interest income.  In today’s market, I knew that we could do so much better than that.
The main reasons why I made this decision are:
Interest income earnings that will be generated will go from $0 to more than $150,000 per year.
Increased efficiency resulting from having all of our accounts at one bank.
Added services that will be provided to benefit operations.
We had some reservations about the branch location and the expense of ordering new checks, deposit slips and supplies.  We have designed some conveniences to help mitigate the distance factor.  Salin bank is providing a $1,000 credit to off-set these added expenses to the City and Utilities.  Salin is committed to making the transition as smooth as it can be.
I would like to publicly thank PNC and Logansport Savings Bank for all their great service over the past several years.  It is unfortunate to see our relationships come to an end because they have served the city well.  Please understand this change is solely driven by financial gains.  I was elected to be the best steward of the community’s resources that I can be.
If you have any questions, please feel free to contact me.

- Press Release from Stacy Cox, Clerk-Treasurer