Clinton to hold special meeting over bank loss

CLINTON (Deseret News) — The Clinton City Council is holding a public forum Tuesday for residents to share concerns about the $83,000 the city lost when Centennial Bank was closed by federal regulators on March 7.

The meeting will be held at Clinton City Hall, 2267 N. 1500 West, at 7 p.m.

Clinton Mayor Mitch Adams said a fair number of city residents are upset about the loss, and he decided to call a public meeting separate from the council's regular meeting to give those residents a chance to be heard.

"It's important that people know we hear them," Adams said.

When the FDIC closed the bank, which operated a branch in Clinton, the city had a balance of $330,000 earning a healthy 3.5 percent interest rate in a certificate of deposit with the bank.

The $330,000 was not part of the city's general operating revenues but was set aside for the future care of the city cemetery.

Most of the city's money is held by the Utah Public Treasurers Investment Fund, also known as the state pool, said City Manager Dennis Cluff.

Cluff said he should have paid more attention to the cemetery money.

"There's no real good excuse," he said, adding that he wishes he had gotten the money out of the CD.

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