town_of_albany_council_minutes_june_2025.pdf
Albany invests $2.5M in Merchants Bank CD
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Description
Town of Albany approves investment of $2.5 million in a CD at Merchants Bank of Indiana for 12 months at a fixed rate of 4.35%, expected to generate approximately $15,000 more in interest compared to Northwest Bank, which will cover the cost of two and a half employees' insurance.
Contract Details
Contract Amount
$2,500,000
Vendor
MERCHANTS BANK OF INDIANA
Agency
Town of Albany, IN
Contract Type
Investment
Document Date
June 9, 2025
Contract Term
12 months
Renewal Date
NA
Renewal Info
NA
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