Online CD auctions surpass $1 billion in deposits
CHARLESTON, W.Va. (AP) — The West Virginia Board of Treasury Investments says it has deposited more than $1 billion with banks across the state since the start of its online certificates of deposit auction program in 2006.
The BTI says three more banks successfully bid on funds Wednesday. It says the program has resulted in $1.4 million in greater interest return than if the funds were not put up for bid.
State Treasurer John Perdue, who also serves as chairman of BTI, says that passing the $1 billion milestone is a source of pride. He says the program is providing lending capital to small and large banks in hopes of stimulating economic growth.
The West Virginia Legislature created the BTI in 2005 to oversee and manage the state’s Consolidated Fund.
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