Clerk Joseph Abruzzo investing $25 million with Hispanic-led Anchor Bank

Palm Beach Gardens-based bank is part of Florida Public Deposits Program, Qualified Public Depository

WEST PALM BEACH, FL (October 15, 2024) – Joseph Abruzzo, Clerk of the Circuit Court & Comptroller for Palm Beach County, is proud to announce a new investment of $25 million in taxpayer money in a money market account at Anchor Bank, a locally owned bank and qualified public depository.  

“One of my top priorities in my role as Palm Beach County’s Comptroller and Chief Financial Officer is putting your tax dollars to work to support local institutions,” Clerk Abruzzo said. “I am proud of our office’s new investment in the only qualified, local, Hispanic-owned bank in Palm Beach County, as we continue to focus on diversifying the county’s investment portfolio to deliver a strong and healthy investment return to benefit Palm Beach County taxpayers.”

Anchor Bank was chartered in Florida in 2005 and serves as a local bank of choice for thousands of people and businesses across South Florida. Anchor Bank’s president and CEO, Nelson Hinojosa, was recently elected to the Florida Bankers Association (FBA) Board of Directors and is the first person of Bolivian descent elected to the FBA board.

The investment with Anchor Bank is into a money market account with a very competitive market rate of return. Anchor Bank pays a similar competitive rate offered by larger banks and participates in the Florida Public Deposits Program.

Anchor Bank holds status as a Qualified Public Depository, ensuring that all public deposits are protected by being collateralized and governed by state statute and the Florida Administrative Code.

More information about Palm Beach County’s Investment Policy, monthly investment reports and annual comprehensive financial reports is available on the Clerk of the Circuit Court & Comptroller’s website, at https://www.mypalmbeachclerk.com/investments.