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Holyoke Redevelopment Authority authorizes deposit placement agreement with Peoples Bank
Summary
The HRA voted to authorize execution of a deposit placement agreement with Peoples Bank, allowing the bank to move authority deposits into a program that spreads excess amounts across multiple banks for additional coverage; the vote was taken subject to counsel and pension/OPEB review.
The Holyoke Redevelopment Authority voted to authorize execution of a deposit placement agreement proposed by Peoples Bank that would enroll HRA funds in the bank’s program to spread deposits across partner institutions for insurance coverage above standard limits.
Board members said the program would cover HRA funds in excess of federal insurance limits and the state-linked Deposit Insurance Fund (DIF) model that some regional banks use. HRA staff told members Peoples Bank will continue insuring deposits for customers through July 31, 2025, and is offering an option—at no immediate cost to customers—to place amounts above typical insured limits across multiple banks through a third-party placement service.
Why it matters: the HRA holds operating…
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