West Virginia Treasurer Conducts Internet Auction for CDsMay 16, 2006
West Virginia State Treasurer John Perdue and the affiliated Board of Treasury Investments conducted an on-line auction today, investing nearly $25 million in certificates of deposit with West Virginia banks. The auction was held on West Virginia’s private-label website (www.BidWVauction.com) created by Grant Street Group. West Virginia joins 9 other states that utilize Grant Street’s auction platform for their CD investments.
The $24.8 million represents a portion of $2.8 billion in state operating funds the BTI manages. BTI’s Executive Director Glenda Probst said any official state depository with a West Virginia bank presence was able to participate.
“We hope to put some money into the economy of West Virginia,” Perdue said, “by making available funds that banks may loan to working individuals. We thought nothing could be fairer than an on-line auction.”
Quarterly auctions of $25 million will be held on the BidWVauction website on the third Tuesday of February, May, August and November.