FINANCIAL_SERVICESPENDING

City of South Lebanon Agenda Packet 2026-05-21

City Plans Five-Year Depository Agreement With LCNB

Up to $17,000,000.00 on deposit (active $15,000,000.00; interim $1,000,000.00; inactive $1,000,000.00)South Lebanon village (pt.)LCNB NATIONAL BANKMay 21, 2026

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Description

The City of South Lebanon plans to enter into a five-year depository agreement with LCNB National Bank to hold up to $17 million in public funds across active, interim, and inactive accounts from July 1, 2026 through July 1, 2031. The agreement sets limits on deposit categories, provides for market-rate interest on interim and inactive funds, and requires collateralization under state law. It continues the City's longstanding banking relationship with LCNB.

Contract Details

Contract Amount

Up to $17,000,000.00 on deposit (active $15,000,000.00; interim $1,000,000.00; inactive $1,000,000.00)

Vendor

LCNB NATIONAL BANK

Agency

South Lebanon village (pt.), OH

Contract Type

FINANCIAL_SERVICES

Document Date

May 21, 2026

Contract Term

July 1, 2026 to July 1, 2031

Renewal Date

2031-07-01

Renewal Info

Designation as public depository runs July 1, 2026 through July 1, 2031; any renewal would require a new designation under Ohio Revised Code 135.12(B) after the five-year term.