Lexington County is getting a pair of new bankers Jan. 1.
The change approved Tuesday by County Council is the first switch in more than 40 years, officials said.
Wells Fargo will be the depository for accounts averaging $200 million a year while TD Bank will handle approximately 135,000 checks annually received in payment for taxes and fees.
That arrangement is “very cost-effective,” county Treasurer Jim Eckstrom said. “It’s the best for service and efficiency.”
County officials couldn’t provide an immediate estimate on savings that will come from cheaper bank fees and lower amounts required in interest-free deposits.
The change was recommended by a panel of county officials that reviewed offers from four banks.
“Hard work paid off,” council chairman Johnny Jeffcoat of Irmo said.
Selection of new bankers is a victory for Eckstrom and Clerk of Court Beth Carrigg, both of whom have said a better deal was possible.
“Doing this is in the best interest of taxpayers,” said Carrigg, who oversees thousands of monthly child support payments.
The change ends a longtime relationship with BB&T bank, which has held county money since acquiring Lexington State Bank in 1995.
Wells Fargo has nine branches in the county while TD Bank has seven in addition to a check processing facility in Lexington, officials said.
County officials said they had received complaints from residents about BB&T handling checks at a facility outside of the Midlands.
The deal with Wells Fargo and TD will run three years, with extensions possible for up to five more years.