First Bankers Trust Helps Town Refinance Bond
First Bankers Trust is based in Quincy City, Illinois, and recently helped the city save a significant sum by refinancing a construction loan that city authorities had taken out to build Oakley Lindsay Center, a major regional convention hub in the area between St. Louis, MO and Iowa City.
The convention center opened in 1995, at a cost of $8 million. This year, the city still had $825,000 in principal left to pay on the bond sold to finance construction, at 5.75% annual interest. First Bankers Trust refinanced the city’s loan at an annual interest rate of 1.2%, which promises to save the city over $72,000 over four years.
First Bankers Trust is proud to help its home town manage its budget in a more efficient manner.More