Columbia, SC –State Treasurer Grady Patterson’s office held the ninth on-line auction of state deposits, today. The quarterly auction, called BidSC, garnered $693,401.69 in interest earnings for the state – an additional $58,223.61 above market rates.

Thirty-eight banks were involved in the auction. Ninety-six bids were accepted after thirty minutes of active bidding. By the 10:30 a.m. deadline, $119.4 million in bids were received for the $75 million in available state funds.

Nine banks walked away with the maximum $5 million from the BidSC auction. Twenty banks will receive $1 million or more each.

"We think BidSC's continuing success shows we've put together a great program that benefits everyone." Treasurer Patterson said. "We have generated an additional $740,588.30 (above market rates) in the two years since beginning this competitive auction format to increase the state's earnings. At the same time, BidSC makes more state money available to communities around South Carolina when they need it."

South Carolina was one of the first states to use the internet to auction state deposits.

"Every additional dollar earned in interest, is another dollar saved in the area of taxpayer funds" Patterson concluded. "BidSC harnesses new technology and market forces to benefit everyone. It has produced another big day of earnings for the people of South Carolina."