What is the WV Term Deposit Program?
The WV Term Deposit Program was created by the WV Board of Treasury Investments at the request of the State Treasurer to place deposits in approved West Virginia state depositories. Under this program, the BTI will offer state funds to state depositories through a competitive bidding process. All deposits placed through the auction must be fully collateralized.
Additional requirements:
- All interested financial institutions must apply via the Application Form by March 27, 2024
- $40 Million Available in total; One Year Term
- Limited to a maximum of $10M per bank ($100k minimum bid)
- Interest paid on a monthly basis
Who is Eligible?
To participate in the WV Term Deposit Program, a financial institution must be:
- An approved Designated State Depository
- Must be a financial institution registered, operating and doing business in the State of West Virginia
- Be insured by an agency of the federal government and post collateral
- Meet all other requirements of West Virginia Code and State Rules
Please contact the Banking Services Division of the WV State Treasurer’s Office for eligibility:
Julie Hefner-Ferrell: Julie.Hefner-Ferrell@wvsto.gov -- (304) 340-2718
Katie Gibson: Katie.Gibson@wvsto.gov -- (304) 340-1560
Why is investment in West Virginia important?
The State Treasurer places a strong focus on community investment that helps local businesses and residents thrive. Every effort is made to ensure access to the WV Term Deposit Program for institutions that rely on public and private deposits to lend and invest within their communities.