STATE BANKS TAKE HOME $75,000,000.00
BidSC Garners $1.5 Million for South Carolina
Columbia, SC Sixty-two bids were accepted from thirty-five South Carolina banks in todays on-line auction of state deposits. Five banks walked away with the maximum $5 million from the $75 million BidSC program. Thirteen banks will receive more than $3 million.
BidSC, Treasurer Pattersons quarterly internet auction, received sixty-two winning bids in this mornings thirty minute auction that will garner South Carolina $1,423,122.98 in interest earnings. The competitive bid process gained an additional $111,167.98 over market rates. Bids opened at 3.530% but quickly jumped higher with final bids falling between 3.690% and 4.250%.
South Carolina has now realized $520,000.00 in additional earnings since the State Treasurers Office inaugurated BidSC last July. South Carolina is only the second state to use a competitive internet auction for state deposits.
"We are extremely excited by the success of this program. We get money to the communities around South Carolina when they need it." Treasurer Patterson said. "BidSC harnesses new technology and market forces to benefit everyone, and it produced another big day of earnings for our taxpayers."
Final bids can be viewed through the State Treasurers Websites Investments & Debt page.
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