Commission to invest $1 million at Colonial Bank

Published 6:06 pm Wednesday, June 16, 2004

By By JOHN DILMORE JR. Publisher
The Escambia County Commission voted Monday to invest $1 million with Colonial Bank.
The money was freed up by the maturation of a certificate of deposit the commission held from United Bank of Atmore.
Dan Britton, with South Alabama Trust Company, advises the county on its investments. He told the commission Monday that it has three more such investments that will conclude within the next couple of months.
That will allow for the reinvestment of another $3 million.
The commission's vote to invest $1 million with Colonial Bank came after Britton had called every bank in the county, seeking the best rate of return. In the end, Colonial Bank offered a 30-month, 3.3 percent deal that the commission accepted with a unanimous vote.
In other action Monday, the commission: