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Finance committee votes to place $3 million CD with Franzen Bank
Summary
After reviewing competitive bids to replace a matured $3,000,000 CD, the committee voted to place the funds with Franzen Bank for a 12-month term, citing support for keeping funds local and a small difference in total return compared with the top bid.
Finance staff presented three bids to reinvest a matured $3,000,000 certificate of deposit and recommended Franzen Bank. Staff said the top alternative's advantage over Franzen was a marginal $506 in total return but recommended placing the CD with the local bank to support community banking relationships. A motion to select Franzen Bank was made, seconded and the committee voted in favor.
Chair called for further discussion before the vote; none was raised and the motion passed by voice vote. Finance staff will complete the paperwork and bring signatures for finalization.
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