City picks FCB and BB&T for banking services

By Jana Cone/reporter

TIFTON May 08, 2008 07:53 pm

— The City of Tifton has made their decision about which local banks will get the city’s banking business. At the City Council meeting Monday night, the city passed a resolution to authorize City Manager Mike Vollmer to enter into agreements for the city’s operating and investment funds.
The committee established to study which of the local banks could best meet the city’s needs had narrowed down the selection to two banks: First Community Bank and BB&T. On Monday, the city announced they would enter into a contract with both banks.
Vollmer said the city would enter into a contract with First Community Bank to provide all of the city’s operational needs. “This will change the way we do business,” Vollmer said. He said the city had a $4 million operating account.
Vollmer said the city would enter into a contract with BB&T for their investment accounts. He said the city would initially place $6 million of their investment funds with BB&T.
In April, Vollmer had stated that the city had $20 in investments and accounts in Atlanta that they wanted to bring home to Tifton. At Monday night’s meeting, it was unclear about the placement of the other $10 million.

To contact reporter Jana Cone, call 382-4321, ext. 208.