Local governments and agencies have many responsibilities - among them is to manage taxpayer funds. At Cashmere Valley Bank, we offer a variety of banking and lending services to help town, city and county officials throughout the Pacific Northwest Operate as efficiently as possible.
- Privately-placed bonds and notes
- Municipal credit cards
- Interim-financings in connection with USDA Rural Development projects
- Checking and savings accounts
Loans
Cashmere Valley Bank provides financing to local municipalities by structuring bonds for sale to pre-selected investors and institutions. By financing through a community bank headquartered in Washington, your local tax dollars stay local. We think this important as it helps build stronger communities.
- We create simple, flexible, cost-effective structures for large and small entities by doing our own internal credit analysis.
- Our processes make us a more efficient lender. We do not require a rating to be obtained, and no official statement is produced, resulting in savings to the issuer.
- We have the ability to evaluate general obligations, revenue bonds, and assessment bongs.
Credit Cards
Municipal credit cards are a great tool for municipal travel, internet purchases and department accounting. Cashmere Valley Bank will work with your municipality to properly secure credit cards to comply with state regulations and restrictions.
- We can help create a policy of issuance and use of the cards and a resolution or ordinance to adopt the policy.
- We can also help prepare an application specifying the number of cards, the names on the cards, and the credit limits as approved by appropriate officials.
- Cards cannot be used for cash advances, and must be fully paid each month.
- Cashmere Valley Bank representatives will help appropriate municipal employees get online access to card statements so officials will have plenty of time to process payment vouchers.
Cashmere Valley Bank is a full-service financial institution with convenient locations throughout Central Washington.
FAQs
Do you accept municipal deposits, money market accounts and CDs?
We are not currently accepting municipal deposits except as needed for daily operation of banking service accounts such as checking, warrant clearing, trust and daily operating accounts.
If I have a problem with my account, who should I contact?
We have specialists in each product area to assist you. Start with our Bellevue Office and they will either solve your problem or direct you to the specialist in operations, credit cards, or deposit services to get you happily on your way.
How long does it take to get a loan?
Being a smaller operation and very experienced in all aspects of municipal lending, we can respond quickly. We can usually have a non binding term sheet in a day and firm commitments in less than a week. We have funded loans from start to finish in 10 days, but it usually takes a little longer to get documents drafted and approved by the council, board or commissioners.
How do we get municipal credit cards?
Municipal credit cards are authorized under RCW (Revised Code of Washington) 43.09.2855. They may be issued directly to the municipality, or through a county treasurer directed program. The municipality must complete our municipal credit card application and provide financial statement information. They must also create a policy of issuance and use, and adopt a resolution or ordinance adopting the policy of issuance as well as define the number of cards, who they are issued to, and the maximum dollar exposure. We will be happy to walk you through the process.
How long can we borrow on a term loan?
Cashmere Valley Bank currently makes loans to municipalities on a fixed rate basis for terms up to ten years. For in market loans beyond ten years, we require a rate reset provision.
What are your fees?
We do not charge fees on term loans. Lines of credit will have a fee to cover our cost of creating and maintain the line, draws, and pay downs. The cost of documenting the transaction is the responsibility of the municipality and its bond counsel.
Why should we choose Cashmere Valley Bank for our business?
We are experienced in working with municipalities and our professionals specialize and deal only with the municipal market. We understand the nuances and restrictions of municipal depository and borrowing; we work closely with bond attorneys and our internal staff to make sure each relationship goes well. Our decision process is quick and includes only a few local approvers that react quickly. We will also evaluate your request and if we are not the best solution, will point you in the right direction to help you solve your current need. Maybe next time we will be the right fit!