Perdue kicks off tour to highlight opportunities


CHARLESTON – West Virginia State Treasurer John Perdue has been on the road this spring to highlight financial and educational opportunities available to West Virginians of all ages. The tour kicked off in north central West Virginia in early May, with stops in Clarksburg, Fairmont, and Morgantown and continued on in Oak Hill-Beckley and the Northern Panhandle.

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Treasurer Perdue has a go at cleaning up a
Clarksburg Fire Department truck.



BB&T, Wesbanco at top of CD auction heap

    CHARLESTON –  The state Board of Treasury Investments looks to its 19th on-line certificate of deposit auction July 8, hoping to provide more lending capital to state banks.

BB&T leads the interest rate bidding wars, with $88 million cumulatively. Wesbanco is next at $66 million. The next closest bank, United, stands at $46.5 million.

Both BB&T and Wesbanco again attracted the maximum $5 million during the latest auction, with Fifth Third and CNB Bank of Berkeley Springs also bidding successfully on $5 million. Huntington Banks successfully bid on $4 million and First Community Bank $1 million.

Since the auctions began in May of 2006, the BTI has placed on deposit $479 million with state banks and made $1.2 million more than if it had simply invested in U.S. Treasury bills.

For exactly 30 minutes, banks with a state presence place “blind” on-line bids in competition with other institutions. No one bank knows what the other has bid, only if it is “in” or “out” of the money. Winning banks receive West Virginia Treasury deposits, anywhere from $100,000 to $5 million, based on the interest rate and the time in which the bid was placed.

The office has held several public-friendly auctions, particularly to students, in several cities around the state.

BB&T, Wesbanco continue winning auction ways

CHARLESTON - BB&T and Wesbanco both bid successfully on $5 million in the latest on-line certificate of deposit auction held by the state Board of Treasury Investments.

Joining those two banks in the $5 million category were Fifth Third Bank of Huntington and Citizen’s National Bank in Berkeley Springs. Other money winners were Huntington Banks at $4 million and First Community Bank at $1 million.

Banks have precisely 30 minutes to place blind, on-line bids on a minimum of $100,000 or a maximum of $5 million. Each bank bids “blind,” meaning it only knows if it is “in” or “out” of the money. Bids are rated, top to bottom, according to the highest interest rate and the time in which they were placed.

BB&T is easily the overall money winner, with successful bids totaling $88 million. Wesbanco is second at $66 million. The next closest bank, United, is at $46.5 million.

Auctions began in May of 2006. The Board of Treasury Investments, of which State Treasurer John Perdue is chairman, has put on deposit $478.8 million with state banks since, earning $1.2 million more than if it had simply invested in U.S. Treasury bills.


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Women & Money dates set for 2009
 

Women & Money to Wheeling

    CHARLESTON -  State Treasurer John Perdue’s popular Women & Money conference series will look toward its 24th and 25th events, with conferences scheduled Sept. 18 at Wheeling’s Oglebay Park and Oct. 9 at the University of Charleston.

The Sept. 18 event will be the third such held at Oglebay Park, while the U.C. event will mark the fourth time Charleston has held such a conference. The Charleston Civic Center hosted the first two Women & Money events, in 2002 and 2003.

Boston-based financial expert Dee Lee once again served as featured speaker at the most recent Women & Money event. Lee has spoken at all previous conferences to date. All events have been free, as will the other two later this year. Some 8,300 women have heard her presentation so far.

To register, call 341-0724 or go to www.wvtreasury.com. The morning conference includes a free continental breakfast and a lunch.

“We enjoyed our experience in Shepherdstown are now looking forward to traveling to the Ohio Valley this fall,” Treasurer Perdue said. “I trust that anyone who came gleaned something useful. We were certainly heartened by the results.”

Lee has written several books, including The Complete Idiot’s Guide to Retiring Early, Let’s Talk Money and The Complete Idiot’s Guide to 401 (k) plans.


Savings Bond bill introduced
CHARLESTON – State Treasurer John Perdue’s efforts to recover $16.5 billion in unclaimed U.S. savings bonds has taken a step forward, with the introduction of a bill by Sen. Jay Rockefeller (D-W.Va.).
Sens. Rockefeller, Patrick Leahy (D-Vt.) and Pat Roberts (R-Kan.) sponsored the bill, which could potentially return $125 million in unclaimed assets to West Virginians. Perdue has been working to see the bill passed since 2004, when he served as president of the National Association of State Treasurers.
Rockefeller and Perdue estimate about 40 million bonds have never been redeemed nationally. The proposal calls for the federal treasury to work with State Treasurers in locating the bond holders. 
“We have been working on this for years,” Treasurer Perdue told The Charleston Gazette. “I think it might have a shot this year. That $16.5 billion out there is the people’s money.
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West Virginia Retirement Plus enrollments going up
    CHARLESTON – State employee participation has risen eight percent in the two-plus years since State Treasurer John Perdue began administration of West Virginia Retirement Plus, the state’s 457 deferred compensation plan. 
    Statistics show total contributing members have increased from 3,676 to 5,974, a boost in eligible participants from 15 percent to 23 percent. Total new enrollments for the period amount to 4,136, though that number includes employees who did not choose an investment plan.
    Total plan assets stand at $75.8 million, up from $68 million in July of 2006.
    “We’re pleased with the growth of the program,” said State Treasurer John Perdue, who fought for the program’s switch from the Consolidated Public Retirement Board. “But we’re not satisfied. We will continue to market the program and push for even greater numbers of participants.”
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Treasurer Perdue explains the bidding process to the local media during a recent BTI CD auction.
Susan Shehl and Jennifer Schellenberg share a light moment during our Women & Money Conference in Morgantown.