News Talk 94.1/AM 1600 Where The Upper Cumberland Talks
The City of Cookeville will be moving its bank accounts to First Bank.
Cookeville City Council approved a four-year agreement Thursday night to change its banking partner from Regions Bank. Finance Director Brenda Imel said the bank met all the requirements of the city’s bidding process and will provide the best interest rate.
“Based on the current Fed funds rate of 25 basis points, the highest interest earnings to the city after service charges is with the First Bank proposal,” Imel said. “They have proposed paying interest on all city funds deposited at Fed funds rate plus five basis points.”
First Bank entered the Cookeville market, taking over Clayton Bank. The Tennessee-based company plans to build a branch on Willow Avenue.
Four banks bid on the city’s business including First Horizon, US Bank, Regions and First Bank. Imel said the city wanted the bank to have a local branch and be a member of the state collateral pool.
“Being a member of the collateral pool requires the bank to pledge securities to collateralized public bonds and the state administers that program,” Imel said.
The agreement is for four years with two one-year renewals.
Council also approved Thursday night the purchase of 11 in-car communications systems for the Cookeville Police Department. Chief Randy Evans said the systems are replacements for aging products in the field. Grant money and drug funds will be used to pay for the systems. The council also approved the purchase of a new passenger van for the litter crew.
Evans also received council approval for the city’s new fingerprint system to be installed at the new police department. The $17,000 purchase was budgeted in the costs of the new facility.
Council members gave the go-ahead to purchase amenities for the long-awaited Dog Park. The total expense is $29,510. Leisure Services Director Rick Woods said the items should arrive in the next several months for installation at the Cane Creek facility.
Cookeville employees will receive a $50 bonus if they receive a COVID vaccine. Council unanimously approved the health and wellness plan update.
City Council also honored Sid Gilbreath for his more than 20 years of serve to the Board of Zoning Appeals. A second resolution celebrated the work of Chris Wakefield for his 15 years of service to the Planning Commission. Both men served the city on other boards.
