The Henry County Commission has approved an investment of up to $5 million with First Tennessee Bank, in an attempt to jumpstart interest earnings.
Henry County Trustee David Stone estimates the county will reap $50,000 in interest earnings this year. That’s down from 2006, when Henry County earned more than $400,000 from its investments.
Stone said moving the county’s investments to First Tennessee Bank won’t affect local banks.
“We’ve always kept Henry County dollars in Henry County, but the taxpayers – their dollars weren’t working for them,” Stone said. “And so when we did reach out to our local banks that we do business with, they advised us to look elsewhere.”
Stone said as soon as First Tennessee prepares a proposal, the Henry County Investment Committee will act to invest, through the purchase of CDs. The investment committee is comprised of Stone, Mayor Brent Greer and County Clerk Donna Craig.
