State Treasurer Larry Pack today announced that the 2nd Annual West Virginia Term Deposit Auction, held on Monday, March 31, resulted in $40 million invested in five West Virginia banks.

“The West Virginia Term Deposit Program is an innovative way to use state resources to invest funds in our local communities,” Treasurer Pack said. “By placing these deposits through a competitive bidding process, we ensure fairness for our taxpayers while also giving our state’s financial institutions the opportunity to access a stable source of funds at favorable rates. These deposits can then be used throughout our communities to stimulate economic growth through home mortgages, auto loans and small business loans and credit.” 

The initiative, launched by the Board of Treasury Investments in 2023, invests state operating funds with West Virginia banks and financial institutions using a competitive bidding process. 

“Banks placed bids for the entire $40 million within one minute; however, the auction continued for 30 minutes with banks actively being bumped out of the auction as new rates were bid,” Board of Treasury Investments Executive Director Kara Hughes said. “Overall, it was a great success.” 

The five banks that will benefit from the state investment include:

·      WesBanco Bank, Inc.

·      United Bank

·      Citizens Bank of WV

·      The Citizens Bank of Weston

·      CNB Bank, Inc.

The $40 million that would normally be invested in the Board of Treasury Investments will now be invested in those local banks. The banks can then use the money to serve their communities through mortgages, small business loans, and other investment opportunities.

“We know local banks are the lifeblood of our communities and this a way to acknowledge that importance. My staff is ready to work with our banks to ensure they continue to serve their residents and grow our local economies,” Treasurer Pack said. 

The Board of Treasury Investments is responsible for managing what is typically referred to as the Consolidated Fund, a group of investment accounts containing the short-term operating funds from various state and local government agencies.

To view the results of the 2025 West Virginia Term Deposit Auction, visit www.wvbti.gov/cdauction.