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New Windsor invests $250,000 matured CD in Farmers & Merchants at 4% for five months
Summary
The council voted 5-0 to invest a matured $250,000 certificate of deposit in Farmers & Merchants for five months at 4.0%, choosing that short-term option over other bank and T-bill alternatives presented.
Councilmember Kevin Cornick moved and Councilmember Dave Hoffman seconded a motion to invest $250,000 from a matured certificate of deposit with Farmers & Merchants at 4.0% for five months. The motion passed 5-0 on April 21, 2025.
Council reviewed other offers presented at the meeting: a prior eight-month CD at 4.63% had matured; alternative options shown included Farmers & Merchants 13-month at 3.74% and 5-month at 4.0%, Woodsboro Bank shorter-term options, and ACNB Treasury-bill yields. With the Farmers & Merchants five-month CD at 4.0% selected, staff were instructed to proceed with the deposit.
The investment was recorded as a routine cash-management decision; the council did not attach conditions or restrictions beyond the term and rate noted in the motion.
