Garland Select Board Meeting Minutes 2026-05-13
Garland Select Board Approves Bank Transition to Androscoggin Bank
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Description
The Garland Select Board approved the transfer of all bank and investment accounts to Androscoggin Bank. As part of the deal, Androscoggin Bank will provide the ZSuite sub-accounting platform for one year at no cost as Garland will serve as a test site. The compensating balance adjusts from $60,000 to $85,000 after the first year.
Contract Details
Vendor
ANDROSCOGGIN BANK
Agency
Town of Garland, ME
Contract Type
FINANCIAL_SERVICES
Document Date
May 13, 2026
Contract Term
Adjusting compensating balance: $60,000 to $85,000 after one year; ZSuite platform free for first year
Renewal Date
2027-05-13
Renewal Info
After the first year, the compensating balance requirement will increase from $60,000 to $85,000. ZSuite platform is free for first year only.
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