Become an Approved State Depository
The State Treasurer’s Office (STO) is charged with designating financial institutions which may be utilized for accepting state money or otherwise conducting business with the STO. The STO currently has71 financial institutions designated as approved state depositories . The steps necessary to become an approved state depository are simple. The first step is to have your financial institution’s Board of Directors pass the corporate resolution. The next step is to contact Greg Hodge, Controller, (304)340-1572 at the STO. After finalizing the continuing depository bond agreement with the STO, your financial institution will be required to open an account with CitiBank, the STO’s current safekeeping agent. This account will be used to hold all required collateral. (A list of STO-acceptable collateral is listed below.) The final step is the execution of a banking agreement detailing all services the STO may utilize. At this point, your financial institution will be considered an approved state depository. The necessary forms can be accessed at the bottom of this page.
The amount of state funds on deposit in any depository in excess of the amount insured by an agency of the federal government should not exceed ninety percent of the value of collateral pledged on the collaterally secured bond given by the depository. The value of the collateral will be determined by the Treasurer.
The following items are acceptable collateral for deposits held for the State of West Virginia:
· Bonds of the United States
· Bonds of the Federal Land Banks
· Bonds of Federal Home Loan Banks
· Bonds of the State of West Virginia or any county, district or municipality of this state
· Federal Home Loan letters of credit
· Other bonds, securities or letters of credit approved by the State Treasurer
If you have questions regarding the acceptability of collateral, please contact Greg Hodge in the State Treasurer’s Office at greg.hodge@wvsto.com or at 340-1572.
Forms: