The Memorial Hospital of Sweetwater County Board of Trustees met today and voted in favor of removing funds from Bank of the West and have them placed within four different entities, those being Wells Fargo, MBS Securities, Uinta Bank and Wyo-Star.
The board originally planned to have discussion on the removal of the funds at their scheduled meeting in November, but board member Taylor Jones made the motion to remove the funds from Bank of the West back in the October 3rd meeting. The motion was seconded by Marty Kelsey and was brought forth for discussion. Ed Tardoni disagreed with the vote feeling the decision was political and not a financial decision.
The Investment Plan brought forth by the Finance Committee recommended the hospital move the Liquidity Balance of $2,000,000 into a money market account with a higher interest at Wells Fargo.
Money Market funds of roughly $4,000,000 were placed into a CD ladder structure within the various enteties. Terms range from 6 months to 5 years.
Long Term investments of roughly $2,500,000 of portable investments were also moved. These funds are completely portable and can be moved from one broker to another without selling them.
The vote was unanamous with four of the five board members. Ed Tardoni disagreed again with the vote feeling the decision was political and not a financial decision.