![]() Source: Kent County Investment Report, 2005 & 2006. Note: The 2005 report covers investments made in 2004 and the 2006 report does the same for 2005. Here is a comparison of county investments over the past two years. ![]() But the county had nearly 4.5 times the amount of cash tucked away in local banks in 2005 than it did in 2004. GRAND RAPIDS-Kent County had fewer dollars tied up in investments in 2005 than it did in 2004. Parrish credited the Federal Reserve Bank’s raising of the fed rate for the higher return the county received last year. But the county earned about $13.5 million in interest income last year, which was up from the $8.4 million the county earned in 2004. In all, Kent had $302.5 million in investments and cash at the end of last year - a figure that was about $21 million less than the previous year. “We don’t want to lose any of the county’s money, and we’ve been good at not doing that,” said Parrish.īesides the investments with local banks, the county had just under $72 million tied up in government securities and another $2.7 million in pooled funds, money market investments not with a bank. In addition, he said he wouldn’t invest more than 25 percent of the county’s funds with a single bank, and that safety, liquidity and yield underline his investment philosophy. Loan Processing The Woodburn Team Team Robida Team Sandison Loan Arranger Loan products Events. ![]() Parrish explained that the amount of an investment that he makes with a bank is based on the size of the assets an institution has, and that an investment made by the county can’t be more than 1 percent of a bank’s assets unless the bank has over $10 billion in assets. “We invest in blocks of $500,000 and $1 million,” he said. Each received deposits of more than $2 million last year. Parrish added two banks to the county’s investment list last year: The Private Bank and West Michigan Community Bank. The others ranged from $32.3 million to $160,733. Huntington National Bank held the county’s largest local investment amount at $56.8 million, accounting for 19 percent of all investments made with local banks. Seventy-five percent of the county’s total investments last year were made with local banks, just slightly less than the 78 percent in 2004. The commercial was originally aired on October 31st, 1990 It was run during a broadcast of the movie 'Poltergeist II' on KPHO Channel 5 in Phoenix AZ. ![]()
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