The North Judson Town Council was informed that First National Bank of Monterey is willing to raise the town’s interest rate on their general fund when members met Monday night.
The Town currently has their general account at the First National Bank of Monterey and has recently been considering a switch over to First Farmers Bank and Trust. When members met for their first April meeting, Mike Pazin with FFBT stated that the bank could offer the town an interest rate of 1.34 percent on their general fund if they switched over.
At the time of Pazin’s presentation, Clerk-Treasurer Andrew Rowe had reached out to First National Bank of Monterey and was told they would only be able to raise the town’s current rate of .45 to .7 percent.
However, Bank Manager Brandon Collins appeared before the council this week to report that an even higher raise is possible. He said keeping the town’s business is very important so he arranged for a meeting with the bank president and other officials.
Collins reported, “We were able to come together and move a rate. It was overall a public offered rate, it’s our money market account, and we moved that top tiered rate to the 1.40 percent.”
Collins added that as in the past, the town would continue to have no service charges or transaction fees.
Members didn’t take any official actions on the matter. They agreed that the new information will be taken under advisement before making any final decisions about whether to move the account or keep it where it is.
