FARMINGTON — Selectmen on Nov. 26 unanimously approved doing business with Franklin Savings Bank.

Farmington Seal File photo

Town Manager Erica LaCroix, who attended the meeting via Zoom said the choice had been narrowed to Androscoggin Savings Bank and Franklin Savings Bank. “Androscoggin was our first choice,” she noted. “Both of these proposals were very strong. Neither one had a whole lot of fees or minimum balances that we have to maintain. What set Androscoggin apart was having the local government expertise that other banking firms really didn’t have.”

The nearest Androscoggin branch is in Jay while Franklin has one in Farmington.

John Simco, vice president of government finance for Androscoggin is a former town manager, LaCroix said. “When we were interviewing them, they just seemed to have the strongest understanding of what the challenges are for local government,” she stated.

LaCroix recognized Franklin Savings Bank is a local bank, has been involved in the community and generous to the town throughout the years. She noted Androscoggin was the only firm with an in-house, somewhat separate division that could advise the town on investing.

Selectman Dennis O’Neil asked Byron Staples, the selectman who was involved in the interview process to share his thoughts.

“For me it is very hard, 50/50,” Staples replied. Franklin provides local banking, Androscoggin has the government side, he said. “It’s definitely a tough decision,” he noted and wanted to see what the rest of the board thought.

Selectman Richard Morton asked Treasurer Tammy Bureau to state the two things she had told him earlier about Androscoggin that struck her. One was the town manager experience, the other was being able to set up a tax anticipation note [TAN] account that would be drawn upon only when needed, she answered.

Staples said Franklin would offer a TAN account.

O’Neil spoke of older employees preferring to do face to face banking and having to drive to Jay. Younger employees might use online banking, he said.

Selectman Joshua Bell asked about the investment company available at Androscoggin.

“It’s Portland Trust Company, it’s separate from the bank,” Simco said. “We are 51% owner. We created that in 2015.”

Beckie Bowering, Franklin Savings Bank assistant vice president of cash management office said there is no third party option currently for that bank.

Bell said one bank is in Farmington, pays taxes. He liked the idea of keeping the town’s money local, where taxpayers live. He thought the town could figure out the investment piece. He said the decision might be different if there was a bigger divide between the two.

O’Neil said he liked doing business locally whenever possible, there was no reason not to in this case.