The Riverside City Council approved the appointment of three city depositories during their regular meeting on January 17th. 

Those selected as the official depositories for the city’s funds include: People’s Trust and Savings Bank, Hills Bank and Trust and Iowa Public Agency Investment Trust (IPAIT). The maximum deposit amount agreed upon for People’s Trust and Savings Bank was $6,000,000 and $3,000,000 for Hills Bank and Trust and IPAIT. The City of Riverside’s city clerk, administrator, mayor and mayor pro tem were authorized to deposit, set up and sign for any checking, savings, money market and certificate of deposit for the city. City Administrator Christine Yancey says this agreement will be for the 2022 calendar year and the council will be required to reappoint or consider other options at the beginning of 2023.