CAPE CHARLES, Va. — The Cape Charles Town Council has approved a resolution to transfer the town’s depository accounts from Atlantic Union Bank to Taylor Bank, citing significant financial advantages offered by the new institution. The decision, formalized in a council meeting, marks the next step in the town’s banking transition, with the move set to begin immediately.
The town’s depository accounts had been held at Atlantic Union Bank since 2012, following the closure of the Bank of America branch in Cape Charles. However, with Taylor Bank’s recent decision to open a branch within the town, local officials explored new options.
After a meeting between the town’s manager, treasurer, and representatives from Taylor Bank, it was determined that the bank offered a more favorable financial arrangement. “Taylor Bank’s proposal includes reduced monthly fees and higher interest income on deposited funds, providing a clear financial benefit to the town,” a town official said.
The resolution also confirms that Taylor Bank qualifies as a public depository under Virginia state law, making it eligible to handle municipal funds. Under the Code of Virginia § 2.2-4401, public funds must be placed in approved depositories, and Taylor Bank fits the criteria.
The transition to Taylor Bank is expected to begin immediately, with the town authorizing key officials, including the mayor, town manager, treasurer, assistant treasurer, and town clerk, to sign the necessary banking documents.
About the Author
Show me the $$$$$$$$$$$$$
What time of day this arrangement was formalized, before or after 5pm? Also wondering what other “benefits” will be available to other “customers” in the future.
As I said, “Just Wondering”.