Politics & Government

Westchase CDD Changes Banks

The community development district will now bank with Jefferson Bank of Florida.

The board responsible for managing Westchase's grounds and facitlies is switching banks.

The board voted earlier this month to switch from SunTrust to Jefferson Bank of Florida. The smaller community bank has a location in Oldsmar and Palm Harbor.

The Community Development District began exploring banking options about a year ago. More than a dozen banks were considered, said CDD board supervisor Greg Chesney.

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Jefferson Bank had fewer fees, better interest rates and offered a line of credit, Chesney said.

Jefferson Bank representatives presented to the board during the meeting.

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Supervisor Bill Casale asked about the bank's technological capabilties. Margaret M. Orr, executive vice president for Jefferson Bank, ticked off the bank's features including online banking and electronic trasmission.

A point of contention for some on the board was whether or not to accept the $500,000 line of credit offered by Jefferson Bank.

"It allows you to not have to hit reserves," Chesney said.

The money could be used for specific neighborhood projects, including lighting in neighborhoods.

Supervisor Ernie Sylvester was still not convinced.

"I'm sure you all have been researching this, but I'm just not sure about it," Sylvester said.

In the end the CDD voted 4 to 1 (Sylvester against) to move forward with moving money from SunTrust to Jefferson Bank upon approval of the board's accounting firm's review.


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