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Cecilton to move municipal accounts after People's Bank merger; PNC in Middletown identified as local option
Summary
Council reviewed a notice that People's Bank is merging with a federal credit union and therefore cannot hold municipal accounts; Administrator Cooper and the Treasurer will open new accounts at PNC Bank in Middletown.
The council reviewed a letter saying People's Bank is merging with a federal credit union and that municipal accounts cannot be held at the resulting institution. The letter said People's Bank identified a bank to service the town's loan so refinancing would not be necessary, but the town still needs a bank to hold operating accounts.
Council members agreed to pursue PNC Bank in Middletown as a local option. Administrator Cooper and the town treasurer planned to visit PNC on Tuesday to set up accounts.
No formal vote on a banking contract occurred at the meeting; the minutes record the council's agreement to move forward with opening accounts at PNC and an administrative follow-up to complete the account setup.
