Civic IQ
CONTRACTAPPROVED
Get alerts

Town of Albany Awards $2,500,000 Investment Contract to Merchants Bank of Indiana (June 2025)

Town of Albany logoTown of Albany
Disclosed value
$2,500,000
From minutes
Approved
Jun 9, 2025
Term
12 months

The 30-second brief

What it covers

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.

Who holds it

Merchants Bank of Indiana holds this investment contract with Town of Albany. Its other public contracts on record include work for Indianapolis Public Schools and Iowa Finance Authority.

What happens next

Term as filed: 12 months.

See who signed off on this $2.5M contract.

See who signed off

Free account · 30-second setup · No credit card

Contract details

Contract type
Investment
Amount
$2,500,000
Document date
June 9, 2025
Term
12 months
Vendor
Merchants Bank of Indiana
Agency
Town of Albany
Source document
town_of_albany_council_minutes_june_2025.pdf (Minutes)

Merchants Bank of Indiana's other public contracts

Indianapolis Public Schools, IndianaIPS Money Market Account Holds $65.66 Million · Aug 31, 2026UndisclosedIndianapolis Public Schools, IndianaIPS Invests Cash in Merchants Money Market · Aug 6, 2026Indianapolis Public Schools, IndianaMerchants Bank Money Market Holds IPS Cash Reserves · Jun 3, 2026UndisclosedIowa Finance Authority, IowaWindsor Pointe Bond Loan Amended With Merchants Bank · Jun 3, 2026Iowa Finance Authority, IowaAuthority Approves Merchants Bank Bond Amendment · Jun 3, 2026All Merchants Bank of Indiana contractsVendor profile

More Town of Albany contracts

Cobalt CivilAlbany Awards Coffee Shop Utility Work to Cobalt Civil · Feb 23, 2026$10.6KNewsome ConstructionNewsome Construction Quote Not Selected for Park Restroom · Feb 23, 2026$133.9KCULYCuly Quote Rejected for Coffee Shop Utility Work · Feb 23, 2026$22.3KSecond Harvest Mobile MarketAlbany Approves 2026 Second Harvest Mobile Market Agreement · Feb 23, 2026UndisclosedStu's GarageTown Dump Truck Returned from Service at Stu's Garage · Feb 23, 2026UndisclosedAll Town of Albany activityAgency profile

Questions about this contract

Who was awarded the investment contract by Town of Albany?

Merchants Bank of Indiana was awarded this investment contract by Town of Albany, as recorded on June 9, 2025. The contract value is $2,500,000.

How much is the Merchants Bank of Indiana contract with Town of Albany worth?

The Merchants Bank of Indiana contract with Town of Albany is valued at $2,500,000, covering investment work.

What type of contract is this?

This is a Investment contract, documented as a minutes record.

Where was this contract approved?

This contract appears in town_of_albany_council_minutes_june_2025.pdf (Minutes), dated June 9, 2025 from Town of Albany. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

Show 2 more questions

What other contracts does Merchants Bank of Indiana hold?

Merchants Bank of Indiana may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

What is Town of Albany currently buying?

Explore Town of Albany's vendors, signed contracts, and active RFPs on their Civic IQ agency profile.

Work in government? Get Civic IQ free →
More Town of Albany contracts →Browse all agencies in Indiana →