CHARLESTON – Three banks located in rural areas took advantage of low interest rates to snap up money during the Board of Treasury Investments’ latest certificate of deposit auction.

Freedom Bank of Belington, located in Barbour County, pulled down the maximum $5 million, spread across three separate bids. Freedom’s top bid started at .85 percent, which was also the highest bid in the on-line auction.

Freedom Bank, in fact, has successfully bid on $36 million since the auctions began in May of 2006.

The auction was the 16th conducted by the BTI. All have been on-line and “blind,” meaning no bank knows what the other has bid. A bank only knows if it is “in” or “out” of the money.

Other banks to place successful bids on $5 million: Wesbanco Bank, Inc. of Wheeling; BB&T of Charleston, which gained $1 million on five separate bids; and First Community Bank. Cumulatively, BB&T has now gained $78 million of a possible $80 million in auction-generated deposits.

More banks successfully bidding: CNB Bank of Berkeley Springs, $2 million; Main Street Bank of Wheeling, $2 million; and Clear Mountain Bank of Bruceton Mills, $1 million, at .75 percent.

“It is our hope that these institutions will use the low rates they are paying our board to in turn extend credit to families starving for it,” said State Treasurer John Perdue, chairman of the five-man board that runs the BTI.

Though interest rates were low, the BTI still made more than the .29 percent offered by a standard U.S. Treasury note. That worked out to $50,000 additional dollars for the state.

Through 16 auctions, the board has made more than $1 million in additional earnings above the standard federal Treasury rate. It has placed $404 million on deposit with state banks.

For more information, go to bidwvauction.com.