The mosaic along Locust Street in downtown Lockney.
LOCKNEY – The City of Lockney ended their fiscal year last month with $68,000 in surplus funds sitting in their accounts at Lockney’s Happy State Bank branch. After their vote Tuesday morning, if the city ends next year with a surplus those funds will likely be held at a different bank.
After mulling over the decision, the council unanimously voted to move their assets from Happy State Bank to a new American State Bank branch set to open in the city pending final Texas Department of Banking approval. According to City Manager Buster Poling the Tyler-based bank has already received operational approval from the FDIC and has a location currently undergoing renovations along North Main Street. In requesting the move Poling cited concerns with Happy’s recent merger with Arkansas-based Centennial Bank and more favorable loan opportunities for the city’s purchase of Lockney Police Headquarters as reasons for the switch.
Council members voiced initial reluctance of the idea, with Mayor Aaron Wilson stating “I’m not for moving our money out of Lockney.” Councilman Dart Carthel agreed. “I hate to move it,” he said while observing the benefits of a possible move. Poling was able to calm fears by agreeing to not move any funds from Happy State Bank until the new American State Bank branch had opened its doors. Poling said he had been told that approval could come as soon as this week and that the bank could be operating within the city before the end of the year. “We won’t move deposits over until they have a facility here.”
The council also held hearings on four properties that needed addressing, including a building along SW 1st street that had been badly damaged in a drunk driving crash in early September. The owner of that property was given an extension on their cleanup due to the accident and waiting on insurance adjusters to make their final ruling on structural safety.
Other items included the council approving the negotiated settlement between Atmos Energy and the West Texas cities group that bargained out a rate increase from the natural gas provider. Both Lockney and Floydada denied the initial rate increase proposal when it was submitted in August. Residents will likely see the new rate on their November bills.
MORE: Floydada, Lockney approve plans to deny Atmos rate increase
The next council meeting will be a special called meeting on November 8 at 7:00 a.m. at the Community Center.
