DES MOINES, IA (10/15/2014)(readMedia)-- State Treasurer Michael L. Fitzgerald announced that Tuesday's Invest in Iowa online auction was one of the most successful to date. All thirty-four of Iowa's participating financial institutions received money, for a total of $57.5 million in deposits. "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 $230 million invested in Iowa banks."
Fitzgerald created the Invest in Iowa program in 1983 as a way to invest state funds in Iowa financial institutions. The financial institutions hold the funds as CDs and use the money to make loans.
Invest in Iowa quarterly auctions are held on the second Tuesday of January, April, July and October. The next auction is scheduled for January 13, 2015 at 10 a.m. 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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