SOUTH CAROLINA BANKS TAKE HOME $75,000,000
BidSC Internet Auction Sends State CD Money to Local Banks
Columbia, SC Thirty-seven South Carolina financial institutions walked away from the State Treasurers internet auction with $75 million in state deposits. Nine state financial institutions will receive the maximum $5 million in state CD monies from the BidSC auction.
BidSC, Treasurer Pattersons quarterly internet auction, received seventy-four winning bids in this mornings thirty minute auction that will garner South Carolina $834,161.57 in interest earnings. Bids began at Treasury rates an extremely low 2.160% and ended as high as 3.000%.
South Carolina has now realized over $550,000.00 in additional earnings since the State Treasurers Office inaugurated BidSC last July. South Carolina is the second state to use a competitive internet auction for state deposits.
"Present market conditions made for a lower yield than normal. But, we are extremely excited by the success of this program," Treasurer Patterson said. "The auction still made it possible for us to exceed the market and make some money for South Carolina.
"BidSC helps us get money to the communities around South Carolina when they need it," he continued. "BidSC harnesses new technology and market forces to benefit everyone."