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STATE TREASURER TO HOLD $75 MILLION AUCTION

July 22, 2008
STATE TREASURER TO HOLD $75 MILLION AUCTION
South Carolina banks can bid for state deposits
(Columbia, SC)…State Treasurer Converse Chellis today announced that the state
will auction off $75 million dollars in state deposits at a quarterly auction on July 24th.
The on-line auction is a part of the Treasurer’s Office BidSC Program and will take
place between 10:00am and 10:30am on the 24th. The Treasurer’s Office is making
$75 million dollars available for six-month certificates of deposit.
The BidSC Program is designed to provide eligible South Carolina financial institutions
with the opportunity to interactively compete for State of South Carolina investment
dollars. “This is a win win win situation”, said Treasurer Chellis, “The banks win because they
can receive millions of dollars in deposits, people and businesses win because banks have
more money to lend, and the State wins because banks compete for the dollars by bidding
on CD rates.”
The minimum bid is $100,000 and may be increased in increments of $100,000 to a
maximum of $5,000,000 per institution, including all branch offices.
The minimum rate will be equivalent to the current six-month U.S. Treasury Bill bond
equivalent yield and will be displayed on the auction page prior to the auction.
All bidders must register with BidSC. To register, bidders can go to www.treasurer.sc.gov
and click on the BidSC button. For further information, please contact Deputy State Treasurer
Scott Malyerck at (803) 734-2665.
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