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BUSINESS
Treasurer's office to offer online certificate of deposit auction
HUNTINGTON -- The West Virginia Treasurer's Office will offer an online certificate of deposit auction Wednesday, Sept. 10, at Marshall University.
The auction begins at 10 a.m. in the Drinko Library, and gives state banks a chance to bid for deposits. Banks with a state presence have 30 minutes in which to place online bids on $25 million. Interest rates and their corresponding dollar amounts are ranked from top to bottom at the end of the 30 minutes, determining who is "in" or "out" of the money.
The BTI, as the investment board is known, will oversee the online auction. Since its inception in 2006, the CD auction has placed on deposit $328 million with state banks and earned the state $7.5 million in interest. For more information, contact Glenda Probst at glenda.probst@wvbti.org.
