MIDDLEBURG -- The Snyder County commissioners don't play around when it comes to the bottom line. They have a plan in place to safeguard millions in county money against bank collapses.
Commissioner Malcolm Derk on Tuesday said leaders had planned to have local banks holding county money pledge securities even before Californian mortgage lender IndyMac went down last Friday, causing financial pundits to chatter and bank account holders to wonder whether stuffing money in mattresses might be safer.
"We want to make sure our banking institutions are backing up public money," said Derk, who noted the county has $4 million stashed in several banks.
"(The national crisis) is not reflected in our local banks, but we need to ensure our money is safe," he added.
Derk said county officials have for months planned to back-up county money.
Commissioner Chairman Joe Kantz said the county has to get "lean and mean" in today's struggling economy.
"We'll have to evaluate the county as well," he said. "With so many jobs lost, our tax base is declining."
n E-mail comments to dgessel@dailyitem.com.
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