Pennington County removes JPMorgan as primary depository after board discussion

Pennington County commissioners voted to remove JPMorgan as a primary active depository for county funds during their Jan. 6 meeting.

The board discussed bank designation criteria and whether local institutions should be prioritized. Annette Brandt, Pennington County treasurer, told commissioners the county's most recent formal request for proposals for main banking services likely occurred about eight years ago and that investment calls (for CDs and securities) are handled regularly with local banks. Commissioner Jerry (Speaker 5) moved to approve the depository list as submitted with JPMorgan removed; the motion passed by voice vote.

Brandt said JPMorgan had sent a letter to the county and commissioners in December asking to be considered in anticipation of future changes; she said the firm did not currently meet the county's established criteria. Commissioners said they want a more competitive, local-focused process for future banking contracts and suggested pursuing a new RFP to refresh options for main-bank and investment relationships.

The removal will be entered into county records and staff said they will continue to evaluate procedures for periodic solicitation of banking services. The board did not adopt a separate policy at the meeting; the vote removed JPMorgan from the county's list of primary active depositories and left Wells Fargo, First Interstate and Bank of South Dakota designated as primary relationships.

The board's action was procedural and did not change existing deposits or investment holdings. Commissioners asked staff to report back if they decide to run a new RFP for main-bank services.