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Online CD auction coming to Shepherd University

October 06, 2009

CHARLESTON, W.Va. -- Treasurer John Perdue and the state Board of Treasury Investments will conduct an online certificate of deposit auction at 10 a.m. Wednesday, Oct. 14, at Shepherd University's Robert C. Byrd Center for Legislative Studies in Shepherdstown, W.Va.

Shepherd University President Suzanne Shipley will welcome and introduce Perdue. The event is open to the public.

There will be an informational session from 9 to 10 a.m. Students from Shepherd and Jefferson High School will be on hand to witness the proceedings.

Two Eastern Panhandle banks, CNB of Berkeley Springs, W.Va., and Jefferson Security Bank of Shepherdstown, have garnered $19 million and $18 million, respectively, since the first CD auction in May 2006.

"We can't wait to get to Shepherdstown and display the fine work we've been doing in getting monies into local economies," Perdue said in a news release. "In all, we've placed $554 million into banks with a local presence, hoping they will in turn loan that money to ordinary folks who need affordable credit."

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The CD auction program serves to regularly place state funds with West Virginia banks. Banks bid for CD awards up to $5 million in value. The minimum bid is $100,000.

A total of $25 million dollars will be auctioned in Shepherdstown, with interest rates ranked from the highest to lowest. Banks are awarded money based on interest rates, time of bids and amount of bids.

The CD auction is part of an Eastern Panhandle tour the treasurer is carrying out, known as "Working for You." Earlier stops in West Virginia have included the Northern Panhandle, Morgantown, Beckley and Kanawha County.

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