The City of Scranton, PA and Amalgamated Bank completed a $13 million Tax Anticipation Note (TAN) loan to provide cash flow financing to the city in 2015.
“We’re pleased to have finalized this $13 million financing to the City of Scranton, which has been a very important customer for Amalgamated Bank,” said Robert O’Brien, SVP, Public Finance at Amalgamated Bank. “Our Public Finance and Executive Management teams rolled up their sleeves to help the city so that Scranton will be able to continue providing the levels of public services that its families and businesses deserve.”
The 12-month loan, effective January 2, 2015 will help enable the city to continue to fund municipal services, including salary and wages for the police and fire departments, without interruption.
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