The Weakley County Rehabilitation and Nursing Home has been officially sold to CCH Healthcare and the funds of that sale have now been invested in U.S. Bank. Weakley County Trustee, Marci Floyd spoke to the Financial Management Committee on Thursday, January 9 to give an update.
The amount of the sale, $7,013,410 was entirely invested into U.S. Bank in seven $1 million treasury bills at three month increments with an interest rate starting at 4.301 down to 4.086.
“This gives us stability throughout the market changes. So this will kind of give us a little bit more security so that we don't end up in the situation that we ended up during the COVID times when we were drawing less than a 25-basis point,” Floyd explained.
The proceeds were actually $8,013,431.10 with the government pool fund amount and the amount the nursing home had prior was $1,174,264.91. In Simmons Bank, that was $489,610.21 and in FCB Bank, with multiple accounts, combined together that was $925,582. The county ended up with a total as of January 3rd of $10,602,888.22.
Floyd wanted permission from the board to close the two accounts at First Community Bank with the government pool fund and the prior nursing home account funds and transfer those funds to be invested at U.S. Bank. This was approved unanimously by the board.
“You're talking $10 million here at 4% interest. That's a lot of money that our county is making. We need to be thankful for people like Marcy Floyd and Weakley County Finance Director John Liggett, who, I mean, jumped on this quick to get it invested. We need to be thankful we've got people like them watching our money. I think we are truly a blessed county,” Commissioner Greg Usery said.
The County Commission is set to meet on Monday, January 21 at 5 p.m. in the commission room of the Weakley County Courthouse.