Area banks win $10M in BidOhio deposits

From Business First of Columbus, October 8, 2008

Three Central Ohio banks won a total of $10 million in deposits in the latest bidding round of an Ohio treasury program aimed at netting higher returns on state funds.

Across the state, 16 banks in 14 counties won deposits ranging from $500,000 to $5 million through the BidOhio program, an electronic bidding system that deposits $50 million twice a month to banks that offer competitive interest rates for state funds.

The state funds used are earmarked as interim funding, up for future use but not immediately needed.

The Central Ohio banks that won deposits in the first of two October bidding rounds are:

• Heartland Bank, Croton - Three deposits of $1 million at 2.36 percent interest; $1 million at 2.38 percent
• Nationwide Bank, Columbus - $5 million at 2.355 percent
• Arlington Bank, Columbus - $1 million at 2.35 percent

The BidOhio program is in its eighth year distributing interim state funds at Ohio banks. It has deposited nearly $4.8 billion at Ohio banks since it began.