Fort Madison Public Library Board of Trustees Minutes January 2026
Library CD reinvested with Pilot Grove Savings Bank
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Description
The Fort Madison Public Library Board authorized reinvestment of its approximately $500,000 CD, including interest and possibly a $360,000 new donation, with Pilot Grove Savings Bank. The funds will be placed in a 6–12 month certificate of deposit at the best available rate by January 31, 2026.
Contract Details
Contract Amount
Approximately $500,000 principal plus interest, with an additional $360,000 possible deposit
Vendor
PILOT GROVE SAVINGS BANK
Agency
City of Fort Madison, IA
Contract Type
FINANCIAL_SERVICES
Document Date
January 15, 2026
Contract Term
6–12 month certificate of deposit to be selected at best available rate
Renewal Info
CD renewed for an additional 6–12 month term at best available rate, with option to include an anticipated $360,000 donation if received within the grace period.
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