City of Maryville Agenda Packet 2026-05-11
Southern Bank Holds Collateralized City Deposits
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Description
The City of Maryville holds over $13 million in deposits with Southern Bank, including several high-yield certificates of deposit and a large money market account. Southern Bank collateralizes these public funds with federal mortgage-backed securities, exceeding statutory requirements.
Contract Details
Contract Amount
$300,000; $249,000; $249,000; $300,000; $249,000; Total $1,347,000 in CDs; $12,083,678 money market deposit
Vendor
SOUTHERN BANK
Agency
City of Maryville, MO
Contract Type
FINANCIAL_SERVICES
Document Date
May 11, 2026
Contract Term
Certificates of Deposit maturing 05/28/2026, 10/09/2026, 10/06/2026, and 02/12/2027 with terms from 7 to 24 months; money market is ongoing
Renewal Date
2027-02-12
Renewal Info
CDs roll off at their stated maturities; the money market account and collateral arrangements continue until modified by the City or bank.
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