Schuylkill sees interest income double

Schuylkill County Treasurer Linda Marchalk told county commissioners at a public meeting Wednesday that the interest income the county currently receives from its primary financial institution, M & T, has more than doubled.

The increased interest rate came as a result of the request for proposal process that began in March of 2016.

County officials decided to keep its primary financial institution, M & T Bank, and the increased interest became effective July 1, 2016.

With a thriving economy and the rising interest rates, Marchalk negotiated an additional interest increase in July, with another increase to take effect in January 2018.

Since the rate of interest increased, the county earned in excess of $396,000 in interest in all of its accounts from January 2016 through November.

“My goal throughout the request for proposal process was to maximize the amount the county earns in interest income, and I am very pleased with the working partnership we have with M & T Bank,” Marchalk said.

“I want to express my thanks and appreciation to everyone who has dedicated their hard work and effort into ensuring the county is maximizing its earning potential, including M & T government banking representatives, Ryan McGowan, Paula Zangardi and Corey O’Brien,” she said.

“Deputy Treasurer Diana Bashinsky continues to review the interest rates and works with representatives from M & T Bank on a daily basis. I always seek ways to improve efficiency, lower costs and maximize earnings for the benefit of the county’s taxpayers,” Marchalk said.