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The BTI invests a portion of state dollars back into West Virginia. The online Certificate of Deposit (CD) auction program allows West Virginia-based banks the opportunity to bid for the placement of six-month CDs from a revolving pool of $125 million. The auctions ensure fairness, improve competitiveness in the placement of funds and assist in the BTI’s efforts to obtain the highest rates of return on public money.
The CD auction has placed $593.8 since its inception in 2006 and has earned the state nearly $8.8 million of interest. Banks which win the awards are using the deposits to loan to local consumers and businesses, stimulating the local economies.
Any approved state depository with a West Virginia branch is eligible to participate in the program. Bids may range from $100,000 up to $5 million per auction. The auctions are held 8 to 10 times each year. More information about the auction results and guidelines can be found on the CD Auction Page.
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