County board to discuss Wells Fargo accounts
By Ginger Livingston
The Daily Reflector
Monday, April 9, 2018
Pitt County government has 10 accounts with $23 million in assets with Wells Fargo Bank, and one elected leader is questioning if that arrangement should change.
Commissioner Glen Webb wants the Board of Commissioners to discuss county government’s relationship with the bank at during its regular meeting at 9 a.m. today.
The request is in response to the bank’s announcement last month that it is closing its automotive dealer financial services center in Greenville, which will remove 600 jobs from the local economy.
Webb, vice chairman of the board, said in a Facebook posting the county “appreciates those corporations who invest themselves here and in eastern North Carolina.”
Webb asked staff to outline the county’s current banking services with Wells Fargo.
The 10 accounts are used to pay bills, payroll and other services, said Brian Barnett, the new deputy county manager/chief financial officer.
The county also has one installment financing account with the bank, which was part of an E-911 radio system upgrade. The county still owes slightly more than $4 million on the loan and has until September 2021 to pay it off.
Wells Financial Security Division, which is separate from the bank and automotive dealer financial services divisions, also underwrote four limited liability bonds during the last two years. The bond amounts ranged from $13.4 to $36 million.
Also on Monday’s agenda:
• Thirty-five employees will be recognized for service milestones, including three who have 25 years of service and one with 30 years of service.
• County Manager Scott Elliott will update commissioners on a series of meetings in the coming month, including a three-day budget workshop set for April 24-26 and the annual breakfast with the county’s legislative delegation on April 27.