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).
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
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 firstname.lastname@example.org by the close of business on the third Friday of every month.