City council members agreed last week to consider consolidation of multiple local bank accounts, but officials expressed an intention to keep the money – approximately $5 million – in Upson County institutions.
About 20 of Thomaston’s existing accounts could be consolidated, according to City Manager Russell Thompson, to streamline accounting practices within the government. New financial software implemented by the city could reconcile one account, rather than 20, internally, he explained.
“What I would like to do is have an administrative meeting with [representatives] of all local banks… to see if we can determine a fair process,” Thompson told council members. “Then bring back to city council a proposed method to move forward.”
Thompson said laws require that certain accounts remain separated from other funds, and those separate accounts could be spread among local banks which do not receive the 20-account total deposit.
“I believe there will be the ability to [distribute] money within the restricted accounts if we want to have deposits in all our local financial institutions,” he stated.
Thompson said he wants to meet with all local banks to gather positive and negative feedback on the impact of deposits on each institution.
“We don’t want to move millions of dollars out of banks… without putting on notice the financial institutions that hold those deposits.”
Thomaston’s four local banks include Colony (previously SouthCrest), The Peoples Bank, United, and West Central Georgia Bank. Councilmen Doug Head and Ryan Tucker are officers with Colony and United, respectively.
Head and Tucker agreed to remove themselves from the process and to abstain from any vote involving relocation of funds.