Pitt County to move banking services to BB&T
By Jake Keator
The Daily Reflector
Tuesday, December 11, 2018
The Pitt County Board of Commissioners voted unanimously Monday night to move its banking services from Wells Fargo to BB&T.
Commissioners Jimmy Garris, Charles Farley and Mark Owens were not present at the meeting, though the group did have a quorum after the swearing in of its new commissioners.
The move came after the county decided to reassess its banking processes for the first time in nearly 10 years. The county originally signed with Wells Fargo in 2001, as the company also provided work for local residents.
Seven banks, BB&T, First Bank, First National Bank, PNC Bank, Select Bank, Southern Bank, and Wells Fargo all submitted proposals to earn the counties business. In the end BB&T proved to be the best option, according to the county’s chief financial officer Brian Barnett.
“BB&T will be more cost effective and be more efficient,” Barnett told the board.
Newly sworn in commissioner Chris Nunnally asked if there were any documents showing how much the county could potentially save with the switch. Barnett instructed Nunnally to look at the packet provided to commissioners for the information which showed the savings.
“BB&T did not have the lowest rate provided, but did have the best rate in the long term,” Barnett said. “They are also active in the community, employing 400 residents.”
Barnett provided numbers comparing charges associated with Wells Fargo in the month of September, along with a comparison of charges if the county was using BB&T. Wells Fargo charged the county $7,899.95, at an earning credit rate of 1.75 percent. Additional comments noted that the county has no major issues with Wells Fargo.
Using the same numbers Barnett showed that BB&T would have charged just $4,333.63, a difference of $3,566.32. BB&T also provided an earning credit rate of 1.95 percent. Both banks were assessed as low-risk options which provided the option of electronic checks for the tax office.
Commissioner Tom Coulson motioned that board continue with the move to BB&T. His motion was seconded Mary Perkins-Wilkins and passed unanimously.
In other actions, the board:
■ Swore in newly elected commissioners Mike Fitzpatrick, Chris Nunnally and Alex Albright. Also sworn in were re-elected commissioners Perkins-Williams, Ann Floyd Huggins and Glenn Webb.
■ Elected Beth Ward chairwoman and Melvin McLawhorn vice chairman.
■ Honored Lester Poppe and Dr. John Morrow for the service to the county.
■ Heard from Senior Resident Superior Court Judge Marvin Blount about a plan to create a Pretrial release program.
■ Voted unanimously to pass a budget for $580,270 from the Industrial Development Commission fund balance to pay off contractually obligated economic development incentives. Coulson made the motion which was seconded by Perkins-Williams.
■ Voted unanimously to provide a conditional-use permit modification to Barnhill Contracting Company. The modification puts two sand mines near Old River Road and Barrus Construction Road in accordance with statutes that require the property to be set back 100 feet from all property lines. Coulson made the motion which was seconded by Webb.
■ Voted unanimously to allow Jan Elliott of the Department of Social Services to pursue a $175,000 a Governors Crime Commission-Victims of Crime Act grant. The deadline to apply is Jan. 8. If awarded, the county would have to provide $43,750 in matching funds. Perkins-Williams made the motion, which was seconded by Coulson.
■ Voted unanimously to approve a change order for Farrior and Sons on repairs to a tranfer station floor. The addion and removal of items led to a $5,465 increase for a total of $168,845. Perkins-Williams motion was seconded by Webb.