NEW PARIS — The Village of New Paris will be transferring the village depository accounts from LCNB National Bank to Farmers State Bank, in response to LCNB National Bank announcing its upcoming closure of the local branch office.
Amy Aldridge spoke during the council meeting on Monday, March 2 on behalf of Farmers State Bank. She asked council to consider moving the depository agreement to Farmers State Bank. She further explained, they would also handle the village water bill payments as well.
Currently, Farmers State Bank is paying 0.25 percent interest off a variable rate. According to Aldridge, this is slightly higher than the village has been earning with LCNB National Bank. Farmers State Bank would be crediting monthly interest on the general checking account.
Statements are available online or paper, according to the fiscal officer’s needs. Water bill collection is in-person or via night depository. FSB also offers ACH File Processing.
“When you take into consideration the increase of the rate we are currently paying versus what you’re earning now, even with the slight difference — ours being a little higher in the ACH Processing — the village would still see more income banking with Farmers State,” Aldridge said.
She added, they do not currently have an ATM available, but will have one soon, which she sees as a positive for the community. She could not provide a date for that addition.
Later in the meeting, council approved a resolution to begin moving accounts to Farmers State Bank as an emergency, due to time constraints.
Reach Kelsey Kimbler at 937-683-4061 or on Twitter @KKimbler_RH