The West Virginia Board of Treasury Investments (BTI) offers West Virginia financial institutions that are approved State Depositories the opportunity to invest state funds via certificates of deposit (CD). The BTI has authorized $200 million to be made available for placement through its West Virginia CD Program (CDP). The procedures for CD placements are subject to the following Rules.
Approved State Depository
To participate in the CDP, a financial institution must:
For more information on the process for becoming an approved State Depository, see the guidelines and application at www.wvtreasury.com
Potential bidders must register for the CDP by 3:00 p.m. Eastern Time at least two (2) business days prior to the auction date. To register, bidders should go to the BTI’s website, download the West Virginia CD Program Application form and return the completed form to the BTI. The form may be sent via mail, fax or e-mail. The contact information is:
WV Board of Treasury Investments
Attn: Director of Operations
315 70th Street, SE
Charleston, WV 25304
Phone: (304) 340-1561
Fax: (304) 341-7095
Prospective bidders will receive confirmation of receipt of registration and approval to participate in placements. Bidders will also receive a user name and password to bid on CD’s. Registration is only required initially and not for each placement. If there are any updates or changes to contact information, the financial institution must submit a revised Application form to the BTI at least two (2) days prior to a bid date.
Schedules for bidding and placements will be posted on the BTI’s website at www.wvbti.org/CDAuction. For all placements, the settlement date for the funding will occur on the first business day following the bid date. Approved financial institutions will receive an e-mail seven (7) calendar days prior to the bid date indicating the date and time of the bid as well as the CD term that will be considered for the placement. Two (2) business days prior to the bid date, the financial institutions will be sent an e-mail with the CD term and minimum rate.
Interested bidders must log on to the BTI’s website at www.wvbti.org/CDAuction/Bidform and input their user name and password. Bids must be submitted via the online Bid Form by the bid deadline specified, which will be between 10:00 a.m. and 10:30 a.m. Eastern Time on the bid date. Bids are evaluated on the following criteria: bid rate and time of submission. If the total face amount of bids received is greater than the amount offered, bids will be ranked first by rate and next by time of submission. In the event that two qualifying bids are tied, and there is only enough available in the auction to satisfy all or a part of one of those bids, the bid that was submitted earliest will prevail, up to the dollar amount available. Winning bids will be confirmed with the financial institutions by BTI staff via phone or e-mail within one hour after close of bidding. After confirmation is made, an e-mail verification of the winning bid and wiring instructions will be sent to the primary and secondary contacts of the winning bidders. The placement results will be posted on the website after all bids have been verified.
West Virginia State Code §12-1-4 and §12-1-5 govern collateral requirements for West Virginia state deposits. The WV State Treasurer’s Office (“STO”) establishes policies and procedures that provide a comprehensive guide for depositories which have pledged or will need to pledge collateral with the STO. The STO is the final determining authority for pledged collateral. Please see the STO’s Collateral Policy and Procedures handbook at:
The BTI is not responsible for technical difficulties or other problems or issues that result in the failure of a bid being timely received by the BTI.
Acceptance of Rules
Bidder must accept and agree to abide by all terms and conditions specified in the BTI CD Program Rules and subsequent amendments thereto.