FARMINGTON — Franklin County commissioners voted Tuesday to go with Franklin Savings Bank to deposit federal grant funds because the bank offered the highest interest.

Franklin Savings offered 0.60% interest on about $2 million in American Rescue Plan Act funds, with Bangor Savings Bank the next highest at 0.50%. Both banks are in Farmington.

Beckie Bowering, business solutions officer for Franklin Savings, did a presentation on interest rates on April 5 that the bank would offer for putting the federal funds in the bank.

Commissioners asked the county treasurer’s office to check with other banks. Bowering had come to the meeting last month at commission Chairman Terry Brann’s request.

County Finance Manager Diane Dunham did a lot of work on this, Treasurer Pam Prodan said Tuesday. Dunham produced a list of interest rates from several banks.

Bowering previously told commissioners the county stood to gain an estimated annual $11,618 in interest on about $2 million.

Franklin County has received about half of its $5.86 million in ARPA funds and is expected to receive the other half later this year.

To date the commissioners have promised $1,119,683 or 38% of the first allocation of ARPA funds, program administrator Sue Pratt wrote in an email on Tuesday prior to the meeting.

It does not include any project approved during Tuesday’s meeting.

The bank had a fully-insured cash sweep checking account the money could go in where it is estimated that the monthly earnings would be $968.18, Bowering told commissioners last month. The target balance for the account is $100,000. The money is in another local bank making 0.15% interest. If more money was deposited, the interest earnings would be more, she said.

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