Peotone Township Selects Old National Bank for Municipal Accounts

May 7, 2026/

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Peotone Township Meeting | March 16, 2026

Article Summary: The Peotone Township Board awarded its municipal banking business to Old National Bank for the 2026-2027 fiscal year following a public bid opening.

Peotone Township Banking Key Points:

Township Clerk Kent Heisner opened sealed bids from Old National Bank and First Community during the meeting.
Old National Bank secured the contract with a 0.04% interest rate on money market accounts and a 0.02% rate on checking accounts.
Neither bank proposed checking account fees or overdraft fees, and both offered collateralized coverage for funds exceeding standard FDIC limits.

The Peotone Township Board of Trustees on Monday, March 16, 2026, voted to award its municipal banking contract to Old National Bank for the upcoming fiscal year after publicly unsealing competitive bids.

During the Old Business portion of the meeting, Supervisor Gene Younker presented Township Clerk Kent Heisner with unopened bank bids that had been mailed to the township. Clerk Heisner opened the bids in front of the board and read the financial terms into the public record.

The township received two competitive proposals: one from Old National Bank and another from First Community.

Old National Bank offered a Money Market rate of 0.04% and a Checking Account rate of 0.02%. In comparison, First Community offered a flat 0.0359% rate for both its Money Market and Checking accounts. Both financial institutions stipulated that the rates are subject to review and change based on market conditions.

Administratively, the bids were highly similar. Neither bank proposed checking account fees or overdraft fees. Furthermore, both banks assured the township that any excess funds would be collateralized in compliance with the Township’s Investment Policy and the Illinois Public Fund Act to provide insurance coverage for any funds over FDIC limits.

After reviewing the figures and discussing the proposals, Trustee Ron Schubbe made a motion to accept the Old National Bank bid for the fiscal year spanning April 2026 through March 2027. Trustee Randy Swartz seconded the motion. The board approved the selection unanimously in a 5-0 roll call vote. The original bid documents will be retained in Clerk Heisner’s permanent records.