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Arizona Treasurer will continue program to invest in CUs
PHOENIX (3/28/11)--Arizona State Treasurer Doug Ducey announced the continuation of a program launched in 2010 designed to put state and local tax dollars back to work in Arizona’s banking community, including credit unions. The program is designed to invest in Federal Deposit Insurance Corporation (FDIC) or National Credit Union Share Insurance Fund (NCUSIF) products at Arizona banks and credit unions through a monthly bid process. “We are pleased that our State Treasurer will continue this valuable program and provide Arizona credit unions with the opportunity to participate,” Austin De Bey, vice president of governmental affairs for the Arizona Credit Union League, told News Now. “The program ensures that taxpayers dollars are invested back into the local community, and provides a valuable option for credit unions that may choose to bid on state monies in the future. The league will continue to work with the State Treasurer’s office and inform our credit unions on the ability to participate in the program.” 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 FDIC or the NCUSIF. “Investing a portion of Arizona taxpayer dollars in local banks can have a very positive economic impact,” Ducey said. “We currently have more than $50 million invested with eight Arizona banks, and look forward to expanding our relationship with those banks and others.” The program asks banks and credit unions interested in receiving these investments 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. Minimum qualifications for bidders require Arizona deposits of at least $10 million; for banks a Capital Leverage Ratio of at least 6% in the previous quarter and for credit unions a Prompt Corrective Action Net Worth Ratio of at least 6% in the previous quarter.


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