Resolution of the LCV Board at the 4/19/2016 meeting.

Resolution on the Transfer of Savings Account to new Bank —T. Maglienti presented the following.  He investigated 15 banks to see which ones offered the best interest rates on their CD’s. The best three were Seacomm FCU, Dannemora FCU and Glens Falls National Bank.   Penalties for long term products at all three were about the same. Tom had presented the board with a spreadsheet showing the comparison last month.  He recommended that we will get the best return for our money at Seacomm.  He made a motion that we transfer our entire reserve account funds from our current back to Seacomm and take out 60 month CD’s for most of the money and keep the rest in a money market fund. The estimated increase in annual interest income would be around $4000. He further moved that we do this later this year when we have a new board and when the new accounts could be set up at Seacomm. P. Hayden seconded the motion and the motion passed by a vote of 5-0.