Recognizing that financial institutions play a critical role in maintaining and growing West Virginia’s economy, the West Virginia Board of Treasury Investments (BTI) has established the West Virginia Certificate of Deposit (CD) Program. This newly redesigned program invests state dollars into financial institutions with the expectation that these funds will be loaned back into the West Virginia communities. The BTI has authorized $200 million to be made available for investment in certificates of deposit. The most significant benefit of the updated program is that all transaction costs have been eliminated. I believe this is a vast improvement from the previously available online auction.
The qualifications are simple: Eligible financial institutions must be an approved state depository and have a West Virginia branch bank. We welcome banks of all sizes to participate. Bids will be accepted by submitting an online bid during a half hour auction time period. Bank representatives will be able to determine in "real time" whether their bid was successful. Multiple bids may be made throughout the auction.
This new bid format will strive to ensure fairness, improve competitiveness, and obtain a competitive return on public funds with the primary focus of safety and stability. I encourage you to review the program guidelines and partner with us in promoting the growth of West Virginia.
John D. Perdue
State Treasurer and Chairman of the WV Board of Treasury Investments