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Village renews $263,800 CD at Citizens Bank for seven months after debate over rates
Summary
The village renewed a Citizens Bank certificate of deposit for $263,800.70 for seven months at a 4.17% rate (APY 4.25%) after a discussion about interest-rate risk, alternatives, and bank capabilities; the motion passed during the July 10 meeting.
At the July 10 meeting the Village Board considered options for a Citizens Bank certificate of deposit maturing in late July. Chris (village staff) told the board the CD balance was $263,800.70 and that Citizens Bank’s offers had not changed since the last meeting. After discussion about term length, competing offers and the potential for rates to fall, the board…
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