Bank withdrawals request to adjust county agreement

Security Savings Bank officials withdrew a request to change a professional agreement with Rock County, just weeks after asking commissioners for a temporary amendment.
County Administrator Kyle Oldre updated commissioners April 7 about the bank’s decision.“They recognized the impact it would have on the county,” he said. “They wanted to be a good partner.”
When contacted after the announcement, Ryan DeBates, Security Savings Bank Luverne market president, said after meeting with commissioners on March 17, bank officials better understand the county budgeting process, which is determined annually.
“Considering the state of the economy due to the COVID-19, we have decided to table our request and work with Rock County at a later date to get the best possible outcome.”
The agreement, signed in 2016, charges no fees to the county for the five checking accounts and an annual interest rate of 0.85 percent.
Bank officials wanted interest rates to change quarterly, along with establishing a new floor rate beginning this month.
The change could have saved the bank a potential $100,000 in payments to the county. Last year the county garnered $263,000 from the professional agreement.
Since the coronavirus was first reported in the U.S. in December, stock markets declined sharply, taking a reported $10 million out of the markets. As of last week, markets remain volatile.