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Banking discussed by Peachtree Corners City Council

PEACHTREE CORNERS -- Banking was one of the main themes at Thursday's special-called meeting for the Peachtree Corners City Council.

A committee headed by councilwoman Jeanne Aulbach made a recommendation for the council to approve BB&T for the city's basic banking services after several submissions were received.

"BB&T met our criteria, which included being in the community, having online banking service and overall better rates," Aulbach said. "Their online abilities were superior to the other bids."

When asked by councilman Phil Sadd if anyone had met representatives from the bank, Aulbach said they haven't.

"I'm honestly concerned because we're entrusting them with all of our money without ever meeting them," Sadd said. "They can look great on paper, but it's important to meet them and establish a relationship. I wouldn't put $2.7 million of my own money with anyone if I haven't met them."

John Kachmar, a consultant for the city, said the only thing the council was doing was approving for BB&T to be their banker, but they aren't contractually obligated to stick with them for any period of time.

"If you decide you don't like them, you can change banks," Kachmar said. "But, they deal with a lot of government entities and they're going to do everything to keep your business. If you don't like the representative they assigned to you, they'll assign you a new one. They're going to do everything they can to satisfy you as their customer."

Kachmar did mention another strength with BB&T is the ability for them to have a line of credit to help pay for travel and expenses for candidates for certain city positions.

In other business:

-- A request for proposal will be sent out today for a tax anticipation note of $500,000. Kachmar said BB&T and SunTrust will be submitting proposals (as they do with all forms of government), as well as at least three other banks who have expressed interest. After the proposal is sent out, institutions will have between 15 to 30 days to submit their bid. The loan will have to be paid back by the end of the year.

-- A first read of the amended planning commission was presented, moving the commission from seven members to five members.

Comments

CD 2 years, 1 month ago

A Gluttonous Heathen with a credit card. Now THAT'S PRICELESS!

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R 2 years, 1 month ago

Kachmar did mention another strength with BB&T is the ability for them to have a line of credit to help pay for travel and expenses for candidates for certain city positions.

MAX the TAX! Its your money, spend it when YOU need it!

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