Augusta County Treasurer David Bourne is defending the use of a Staunton bank for its needs insisting there are “significant financial advantages for taxpayers” despite it being outside county borders.
The complaint originally came up during the November Board of Supervisors election cycle when a question was raised as to why the Staunton-based First Bank and Trust Company was used for county business.
Former Supervisor and BOS candidate Tracy Pyles brought up the issue during his campaign encouraging voters to follow the money. Pyles said that First Bank executives were funding his opponent “trying to protect all the revenue generated with the $101 million deposited with them.”
While Pyles lost his bid for Board of Supervisors, the issue lingered and left a bad taste in the mouth of some taxpayers.
Bourne addressed the concerns nearly a month later in a news release, thanking the public for its interest in ensuring responsible stewardship of taxpayer funds.
“Residents deserve to know that every financial decision we make is grounded in what best serves the taxpayers of Augusta County,” said Bourne of the rationale behind the financial partnership. “Our primary banking relationship with First Bank and Trust Company has been in place long before I assumed office in January 2024, and it continues because it provides substantial financial benefit, operational efficiency and community value.”
According to the treasurer’s office, the county selected First Bank during a competitive Request for Proposal process in 2020. The bank was chosen in part due to a deposit interest rate that is higher than the average rates offered by other banks, Bourne said.
The treasurer’s office asserts that relocating its funds to a county bank would result in a loss of revenue rather than a gain.
The bank is situated 100 yards inside the City of Staunton and less than one mile from the Augusta County Government Center, making the location convenient for the county, Bourne said.
“Community banks like First Bank and Trust strengthen local economies by keeping decisions local and reinvesting deposits into the communities they serve,” said Bourne. “Our partnership reflects careful consideration, transparency and a continued commitment to maximizing taxpayer value.”
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Crystal Graham
