Bartlesville Radio: The area’s best source for news, weather and sports!

The Bartlesville Development Authority (BDA) discusses the possibility of investing their assets for improved performance.

BDA President David Wood asked the BDA this week if they would want to consider a trust department or wealth management with their funds and if they could improve their situation under a risk profile that they would be comfortable with. He said he had spoken with Arvest and Banc First on the matter.

Wood said both banks will submit a recommended mix of a portfolio on what their strategy would be to maintain the funds. He said they could decide what they want to do once they receive and review what has been submitted by their next meeting.

The BDA's money is currently sitting in short-term, low-yielding CDs.

Wood said liquidity is going to be important in a banking relationship. He says they would be able to hit a line of credit that is secured by their investment and do whatever it is that they need to do while liquidating those holdings when it is responsible to do so.

From a responsibility perspective, BDA Board Trustee Gayle Lester said it is the right thing to do. Lester says they have invested some portion of the money. She says responsibly maintaining or growing the uninvested portion is in the best interest of the BDA and the tax payers that are expecting them to utilize that money to grow jobs in the area.

BDA Chair Diana Adams said this is a great place to start. She says they can look to do a follow up in the future as needed.

No action was taken on the item on Wednesday morning, as it was merely an item up for discussion.