City switches banks

Local Journalism Initiative

May 15, 2024 at 8:26 a.m.·1 min read

The City of Mount Pearl is changing banks, and re-establishing a $3 million dollar line of credit.

As the City recently chose to move to CIBC for banking services, its previous $3 million line of credit with TD Canada Trust will be closed.

Councillor Chelsea Lane said the City has not made use of the credit line for many years, but keeps it open as a contingency for cash flow purposes.

Lane said the City’s previous agreement with TD will close upon the opening of the new one.

“We’re just switching banks, basically,” said Mayor Dave Aker.

Chad Feehan, Local Journalism Initiative Reporter, The Shoreline News

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