Supervisors delay decision on moving banking services

Floyd County Supervisors went into their second regular monthly meeting this week ready to make a decision on whether or not to move the county’s $30 million a year banking business from Bank of Floyd to StellarOne.

But following a presentation by one local businessman proposed for a new board of directors by a North Carolina investor waging a proxy fight for control of the board, the supervisors changed their minds.

Investment counselor John Paul Houston spoke on behalf of Schaller Equity Partners, assuring the board that a takeover of the board by the proposed slate of five local residents would not result in sale or the 61-year-old locally-owned bank or layoffs of employees.

After Houston’s presentation, the board went directly to the agenda item on the banking move and Little River Supervisor Virgel Allen moved to table a decision on the banking business move.  The motion passed 4-1 with Indian Valley Supervisor Fred Gerald voting “no.”

After presentations by representatives of both banks earlier this month, supervisors — sharply divided on the issue — appeared ready to make a decision at the Tuesday night meeting.  Now they want to wait.

Will a change in leadership affect their decision?

We will have to wait until after Bank of Floyd’s holding company’s  annual shareholders meeting on April 25 to find out.

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