State Treasurer David H. Lillard, Jr. recognized Tyler Clinch for her service to the Collateral Pool Board at a reception at First Community Bank in Kingsport. Ms. Clinch is the President and CEO of First Community Bank and has served on the Collateral Pool Board since 2016 and has chaired the Board since 2020. Joining Treasurer Lillard in honoring Ms. Clinch were State Senator Jon Lundberg, Kingsport Mayor Patrick Shull, Miles Burdine, President of the Kingsport Chamber, along with staff of the First Community Bank.
The Collateral Pool Board governs the Tennessee Bank Collateral Pool. Authorized by the Tennessee General Assembly in 1990, the Bank Collateral Pool allows banks and local governments statewide to achieve greater efficiency and a lower risk when collateralizing public funds. Under Treasurer Lillard’s Leadership, the Tennessee Department of Treasury supports the Board and oversees daily collateral pledged for public deposits of over $14 Billion. The Board is comprised of the State Treasurer, Commissioner of Financial Institutions, a local government representative, and four members of the statewide banking community.
Treasurer David Lillard said, “The leadership and ability of Tyler Clinch, along with the efforts of the other bankers who are members of the Board, have been the keys to Tennessee’s efficient, secure safeguarding of deposits of public money deposited in Tennessee banks. The success of the Board helps ensure that Tennessee has a strong bank lending market to support our citizens and the state’s economy.”
Since enacted, the Bank Collateral Pool has created efficiency for local banks to secure public funds. Currently, 99 banks in Tennessee participate.
Figure 1(LtoR) Senator Jon Lundberg, President Tyler Clinch, and State Treasurer David Lillard, Jr.