County shifting money to community banks

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Passaic County money managers are putting the county's money to work for the taxpayers and focusing on local businesses.

Passaic County began moving its money from traditional big banks and decided to focus on smaller, community banks.

After shifting funds to Lakeland Bank, the county has seen a significant boost in the interest rate receive from the account, according to county officials.

In 2016, the county collected $316,300 in interest on the savings.

In 2017, the county collected $1,308167 from Lakeland Bank. Lakeland Bank is also investing in Passaic County and sponsors regular events such as the County Fair.

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