Coversheet

Item:	Resolution - Designating Depository - First Merit Bank
Department:	Finance/Legal

BACKGROUND

To assist in diversifying investment options for the Village, Staff is requesting that a local bank, First Merit Bank, be added to the Village's list of designated depositories. The bank has acknowledged receiving a copy of the Village's Investment Policy and will collateralize all deposits in excess of FDIC insurance at 110% of their value with U.S. Government Securities in the Village's account with the Federal Reserve Bank. After tracking rate quotes, the bank has demonstrated that it can offer competitive interest rates.

RECOMMENDATION

It is recommended that the Board approve the attached Resolution adding First Merit Bank as a designated depository and reaffirming the current list of designated depositories for the Village of Arlington Heights.


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ATTACHMENTS:
Description	Type
Designating depository - First Merit Bank	Resolution