|11/14/2013||Most of town’s $785,000 to be deposited locally|
At the end of the Westcliffe town hall meeting on Tuesday, November 12, the Trustees considered renewing five certificates of deposit. Lance Ingram, a representative from First State Bank of Colorado attended to answer questions, though the town’s money has been held in Sunflower Bank in Canon City at the time of the meeting.
"I would like to see us do more banking here," said trustee Brian Clince. "I think it’s extremely hypocritical for us to tout for people to shop local, shop local, shop local, and we send our money to Canon. If I’m going to risk my money, I’m going to risk it with local people."
Trustee John Johnston made the motion to roll over two CDs to First State Bank of Colorado to be renewed for 24 months.
"We need to separate them (the CDs)," said Trustee Joe Cascarelli.
Cascarelli made the motion for three CDs to be sent to Sunflower Bank to be renewed in 12 months. Trustees Clince and Johnston, and Mayor Christy Veltrie, voted it down.
Clince made the motion for three CDs to be moved from Sunflower Bank to First State Bank of Colorado to be renewed in 18 months.
"Let’s give them as much business as we can," Clince said.
"I’d rather feel that our money is secure," said trustee Audrey Gluske.
The motion was passed with ayes from Trustees Clince, Johnston, Steve Trombley, and Mayor Veltrie. Trustees Cascarelli and Gluscke voted against it.
There is now approximately $688,268 at First State Bank of Colorado, and $97,000 held at Sunflower Bank in Canon City.
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