Madison Board of Aldermen Agenda Packet 2026-06-11
First Bank Appointed as Official Town Depository
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Description
Madison Board of Aldermen approved First Bank as the Town's new official depository, with all checking and money market funds to be moved per staff recommendation. Approval followed a comparison of proposals from First Bank and First Citizens.
Contract Details
Vendor
FIRST BANK
Agency
Town of Madison, NC
Contract Type
FINANCIAL_SERVICES
Document Date
June 11, 2026
Renewal Date
2026-12-31
Renewal Info
Banking services and rates subject to periodic review and renewal; 3.20% rate effective through December 31, 2026. Rate will adjust with market after that date.
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