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, BMO Harris Bank, First National Bank of Scottsdale, 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.

Bids can be emailed to cdbid@aztreasury.gov by the close of business on:

January 24, 2014 May 23, 2014 September 24, 2014
February 21, 2014 June 24, 2014 October 27, 2014
March 25, 2014 July 24, 2014 November 20, 2014
April 23, 2014 August 22, 2014 December 23, 2014