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Columbus --Ohio Treasurer Richard Cordray today announced bank recipients of $50 million in state deposits through his monthly Bid Ohio program.
Bid Ohio allows banks to submit an online interest rate bid on up to $5 million in deposits of state interim funds. Banks submitting the highest bids win the deposits. The minimum interest rate for a bid this week was set at 1.86 percent, and winning bids ranged from 1.9 percent to 2.25 percent. Interim funds are monies earmarked for future projects in Ohio but which are not immediately needed by the state. The Bid Ohio auction allows the state to earn interest on these funds until they are needed.
“This program gives local banks an infusion of cash which they can then invest in their local community,” said Cordray. “By capping the amount of interim deposit money that any one bank may bid on, we make sure that the benefit of extra capital is spread to a greater number of banks and communities around the state.”
Cordray noted that participation in the Bid Ohio program has been particularly high in recent months, and that the Treasury received bids for $14 million more than what was available today. Since the 1999 introduction of Bid Ohio, the State Treasury has invested almost $4.5 billion in community banks through the program.
This month 16 different banks in 13 counties throughout the state won the right to receive a state deposit.
Rate |
Award Amount |
Bidder |
2.250 % |
$ 5,000,000 |
Huntington National Bank - Columbus - Franklin County |
2.178 % |
$ 500,000 |
Farmers Citizens Bank - Bucyrus - Crawford County |
2.057 % |
$ 500,000 |
Farmers Citizens Bank - Bucyrus - Crawford County |
2.003 % |
$ 500,000 |
Farmers Citizens Bank - Bucyrus - Crawford County |
1.988 % |
$ 5,000,000 |
First Place Bank - Warren - Trumbull County |
1.980 % |
$ 5,000,000 |
Old Fort Banking Company - Old Fort - Seneca County |
1.980 % |
$ 1,200,000 |
Citizens National Bank of Southwestern Ohio - Dayton - Montgomery County |
1.960 % |
$ 5,000,000 |
Nationwide Bank - Columbus - Franklin County |
1.960 % |
$ 500,000 |
CFBank - Fairlawn - Summit County |
1.950 % |
$ 1,000,000 |
Arlington Bank - Columbus - Franklin County |
1.950 % |
$ 3,700,000 |
MainSource Bank Ohio - Troy - Miami County |
1.950 % |
$ 5,000,000 |
FirstMerit Bank, N.A. - Akron - Summit County |
1.946 % |
$ 5,000,000 |
Union Bank Company - Columbus Grove - Putnam County |
1.919 % |
$ 1,000,000 |
Lake National Bank - Mentor - Lake County |
1.919 % |
$ 2,000,000 |
Greenville Federal - Greenville - Darke County |
1.911 % |
$ 500,000 |
Antwerp Exchange Bank - Antwerp - Paulding County |
1.910 % |
$ 1,000,000 |
Henry County Bank - Napoleon - Henry County |
1.910 % |
$ 4,000,000 |
Henry County Bank - Napoleon - Henry County |
1.902 % |
$ 500,000 |
Farmers Citizens Bank - Bucyrus - Crawford County |
1.902 % |
$ 2,500,000 |
Andover Bank - Andover - Ashtabula County |
1.900 % |
$ 600,000 |
Arlington Bank - Columbus - Franklin County |
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