Five banks each grab $5 million during CD auction
CHARLESTON – Banks scattered across the state each successfully bid on $5 million during the latest on-line certificate of deposit auction administered by the Board of Treasury Investments. Banks were bidding on a total of $25 million.
Banks with successful bids were: WesBanco Bank, Inc., Wheeling; Fifth Third Bank, Huntington; BB&T, Charleston; Freedom Bank, Inc., Belington; and First Community Bank, Bluefield.
The BTI, whose chairman is State Treasurer John Perdue, has been holding such auctions since May of 2006. Any bank with a state presence may log on to the auction site for a 30-minute session. Bids are ranked by interest rate, from top to bottom, and according to the time in which they were placed.
The BTI has earned more than $1 million than it would have had it simply invested in Treasury bills. It has earned a total of $8.6 million on the deposits, which now total $504,000.