Wells Fargo has decided not to participate in T.A.N. (Tax Anticipation Note) bids for 2014 so the company that carried Pickens County TAN for 2013 was out of the running for the vote the Board of Commissioners took to accept a bid for this year.
This year’s TAN loan was awarded to Regions Bank who submitted a bid on the $6 million proposal for a fully funded loan with a 0.9832 interest rate.
The county submitted proposals to seven banking institutions. Wells Fargo declined, Regions made their offer and United Community Bank also responded. United Community offered a 2 percent interest rate.
After the discussion was conducted during a work session Thursday, the commissioners held a special called meeting and accepted the Regions bid.