County wants better interest rate from Sky Bank

LISBON — Columbiana County Treasurer Nick Barborak hopes the county can get a better interest rate from Sky Bank.

Barborak met with the county commissioners Wednesday, who recently enacted a 0.5-percent sales tax that will bring in about $2 million for part of the year.

More than three years ago, the county had invested $1 million with Sky Bank at 2.5 percent interest. The agreement runs for another 18 months.

Commissioner Jim Hoppel said the 2.5 percent interest rate was good when the money was invested back then.

Barborak said the new interest rate is double that, or more, however.

Barborak said any penalties for ending the agreement might cost the county more than it would gain in higher interest. He said he and bank officials would talk.

Because of earlier defeats of the sales tax, the county is short about $2 million this year.