DES MOINES, IA (01/14/2015)(readMedia)-- State Treasurer Michael L. Fitzgerald announced that Tuesday's Invest in Iowa online auction was the most successful to date. All forty-two of Iowa's participating financial institutions received deposits, for a total of $78.2 million. "We use an auction format offering state deposits to Iowa financial institutions six times a year. This allows the state to earn a competitive return on the funds while ensuring local financial institutions have the money they need to keep the economy moving," Treasurer Fitzgerald said. "The program currently has over $232.9 million invested in Iowa banks."
Fitzgerald created the Invest in Iowa program in 1983 as a way to deposit state funds in Iowa financial institutions. The financial institutions hold the funds as CDs and use the money to make loans.
"Demand for funds reached its highest peak this year," Fitzgerald stated. "This is a reflection of the current market. I am glad this program is available to help stimulate lending around the state."
Invest in Iowa quarterly auctions are held on the second Tuesday of January, April, July and October. In response to growing interest in this program, two auctions offering one-year term CDs are also held throughout the year. The next auction is scheduled for February 24, 2015 at 10 a.m and will offer one-year term CDs. Each auction has an established minimum interest rate and a minimum bid. To learn more about the Invest in Iowa program, visit iowatreasurer.gov, select "Invest in Iowa" under the "For Businesses" tab or contact the treasurer's office at 515-281-5368.
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