The Treasurer's Community Bank and Credit Union Initiative was
established to support Connecticut's community banks and credit
unions and to enhance their ability to promote the economic and
social health of the communities they serve. These financial
institutions offer locally-originated loans to individuals and
small-to-medium sized companies and provide locally-oriented banking
services in underserved markets.
Connecticut General Statute 3-24k, a result of legislation
proposed by the Treasurer's Office, allows the Treasurer to
establish a program for the investment of up to $100 million with
community banks and credit unions.
Under the initiative, community banks and credit unions, with assets not
exceeding $1 billion and domiciled in Connecticut, are invited to compete
for a targeted pool of investments that the Treasury will make in
certificates of deposit. The Treasurer's Office is pursuing this initiative
in recognition of the valuable roles community banks and credit unions play
in their communities.
Please review the bid schedule, program guidelines, the required investment
agreement and bid form below for more information about the program.
September 5, 2019
September 6, 2019
September 4, 2020
Beginning in May 2006, our investments in the Community Bank and
Credit Union Initiative program have totaled
Bids are compared based on interest to be paid at
maturity. For consistency, the Treasurer's Office recalculates yields of the
winning bids by the following method: interest at maturity, divided by the
term of the investment principal, times 365 days, divided by the term of the
Next Competitive Bidding Auction
The next competitive bidding auction for the Community Bank and Credit
Union Initiative will be held on
Thursday, October 3, 2019 between
8:00 and 9:30 a.m. (see table below).
Financial institutions may bid on three, six, nine and twelve- month
certificates of deposit, per the table below. Contact
Marc Gagnon for
additional information. Financial institutions should feel free to bid on
multiple pieces and may limit their maximum investment by indicating the
largest total amount they would like to receive.