The Coffee County Industrial Board approved a recommendation by its finance committee to convert monies over $1 million into two $200,000 CDs.

Industrial Board Member Brent Parsley said the committee received rates from Peoples Bank and Trust, First Bank, Coffee County Bank, Old National Bank, US Bank, Wellworth Bank, First Vision Bank, Regions Bank, Smart Bank and Citizens Tri-County Bank.

The committee unanimously approved a 12-month CD from Old National at 4.28% and a 13-month CD at Smart Bank of Tullahoma at 4.15% The motion passed the full board unanimously.

Industrial Board Chairman David Young also announced that he would not seek reappointment after his term ends in December.

“This is a year where we have three board members’ terms expiring in December, one each from Tullahoma, Manchester and the County,” Young said.

I am working on communicating that to each of the communities that we represent to get folks in place so that the first of the year we will have those seats filled.”

Young said that he will not be making committee assignments to allow the incoming Chairman to do that.

Young, a native Tennessean, has served on the board for 12 years.

He graduated in 1988 from Tennessee Tech University with a BS in Electrical Engineering and was a registered professional engineer in Tennessee for 25 years, according to his bio. Young retired in 2019 after 31 years of service with the Duck River Electric Cooperative and began a second career as an insurance agent with Bush Insurance.