$2.87M average balance: Decatur packet included four banking proposals for council review
Clerk/Treasurer Megan Duncan circulated proposals from Mercantile Bank, Sturgis Bank, Honor Credit Union and First State Bank for the Village’s primary depository; staff modeled interest scenarios on an average balance of $2,874,837.09 and provided product/FDIC details for council review.
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The Village packet asked the Village Council to review four proposals for the Village’s primary banking relationship and related treasury services. Clerk/Treasurer Megan Duncan provided prospectuses and modeled scenarios from Mercantile Bank, Sturgis Bank, Honor Credit Union and First State Bank, each offering different account structures, interest options and service packages.
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