Wisconsin CD Program
Green Bay, Wis.
The Wisconsin Certificate of Deposit (CD) Program was implemented in 1987 allowing SWIB to buy about $80 million annually in CDs issued by Wisconsin-based financial institutions. It was designed so that SWIB could fulfill its fiduciary duties by earning a competitive rate of return while providing local financial institutions with access to additional capital. Subsequent changes to the program made it more flexible and accessible. These changes included: offering more maturities, monthly purchases instead of quarterly, increasing the maximum funding allocation to $500 million, and the addition of a second program with floating rates. Eligible institutions must:
Meet capital requirements
Be authorized to accept demand deposits in Wisconsin
Be approved to hold FDIC insured deposits
Interested Wisconsin banks and thrifts can contact Bankers' Bank at 800-234-5584.
Although participants include large statewide banks as well as locally owned community banks, many of the institutions have assets of $100 million or less. More than 150 banks and thrifts have participated in this program, which includes institutions in more than 97% of Wisconsin's counties.