The Harrison School Board voted last week to accept new bids on bank accounts for the district.
Superintendent Dr. Stewart Pratt told board members that he and business manager Shannon Lovelace came to the district about the same time three years ago.
At that time, they talked about possibly asking for new bids from banks, but they decided to get a few years under their belts before making that move.
Lovelace said school districts usually rebid banking service every three to five years. In this case, the service was last bid in 2014.
They reached out to nine local banks during the spring semester because it’s typically a slower season prior to the end of the fiscal year. The district asked for bids on potential investment account such as money market or CD and the bulk of the main operating account.
Bids were received from:
• Anstaff Bank — 1.05% on the operating account with 1.66% on CD.
• Arvest Bank — 0.20% on the operating account and 1.11% on CDs.
• Bank OZK — 1% on operating account with a 1.5% max. They didn’t offer exact information on investments, but they would offer competitive rates.
• Cornerstone Bank — 1.54% on the operating account and a CD rate of 1.33%
• Equity Bank — A range of between 0.7% and 1% on the operating account with the same rate for CDs.
• First Community Bank — 1.36% minimum on the operating account and a fixed CD rate of 1.5%.
She recommended the board approve Cornerstone for the operating/activity accounts and Anstaff for CD investments.
The board unanimously approved the recommendation.
The board also voted unanimously to give all classified and certified staff a 2% across-the-board salary increase.