LOCAL BANK DEPOSIT PROGRAM
The Arizona State Treasurer’s Office has established a monthly deposit program designed to put state and local tax dollars back to work in Arizona’s banking community through a monthly bid process. Each month, the Treasurer’s Office will entertain bids from local banks and credit unions for the placement of up to $250,000 in cash per institution for either one-month, three-month, six-month, one-year, two-year or five-year products that are fully insured with the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Share Insurance Fund (NCUSIF).
Participating banks in the program include Alliance Bank of Arizona, Alerus Financial, Arizona Business Bank, First National Bank of Scottsdale, M&I Bank, Meridian Bank, Metro Phoenix Bank, Pinnacle Bank, Republic Bank of Arizona and West Valley National Bank.
QUALIFICATIONS
Minimum qualifications for bidders require:
- Arizona deposits of at least $10 million
- For banks a Capital Leverage Ratio of at least six percent in the previous quarter
- For credit unions a Prompt Corrective Action Net Worth Ratio of at least six percent in the previous quarter
BIDS
Banks and credit unions interested in receiving these investments are asked to provide the Treasurer’s Office with their bids five business days prior to end of each month. Awarded bids will settle on the first business day of the following month. Each institution is encouraged to quote rates for all maturities they offer. Once bids are received, the Treasurer’s Office will notify each institution if their bid is accepted.
For 2012, bids can be emailed to cdbid@aztreasury.gov by the close of business on:
| January 25, 2012 | May 24, 2012 | September 24, 2012 |
| February 23, 2012 | June 25, 2012 | October 25, 2012 |
| March 26, 2012 | July 25, 2012 | November 26, 2012 |
| April 24, 2012 | August 27, 2012 | December 21, 2012 |
