Village Designates its Financial Institutions

The village voted last Thursday to approve a comprehensive list of depositories for village funds and money. 

According to the ordinance, village Director of Finance Deborah Freischlag is authorized to deposit village funds at Bridgeview Bank, Clarendon Hills Bank, Downers Grove National Bank, Fifth Third Band, Harris Bank N.A., JPMorgan Chase, mbFinancial Bank and US Bank. 

"The list of financial institutions has shown that they can be competitive in bidding for certificate of deposit," according to the commentary for the ordinance. 

The director of finance was also authorized to make use of PMA Financial Network, Inc. and PMA Securities, Inc. for certificiates of deposits. 

"The director of finance is also allowed in working with PMA to open a depository account with Harris N.A. and other instituations participating in PMA programs for the purpose of transaction clearing and safekeeping or the purchase of insured certificates of deposit through PMA's Insured CD Program," the ordinance said.