The Carrboro Board of Aldermen approved a local bank as its official depository Tuesday, pending a federal office’s recommendation.
Aldermen voted 4-2 in favor of working with Chapel Hill-based Harrington Bank instead of BB&T. The decision was made on the condition that the Office of Thrift Supervision remove the restriction it placed on Harrington Bank after it lost about $1 million in the 2008 economic downturn.
The office is a federal bank regulator and oversees savings associations across the country.
If the office does not remove its restriction by Dec. 31 — the last day of the town’s contract with Bank of America — the town will enter into a contract with BB&T.
“If this black mark isn’t taken off, I would hope that we would definitely consider Harrington (Bank) in the future,” said Alderman Sammy Slade. “I hope the decision will demonstrate the kind of support we give local businesses and banks to establish themselves.”