Community Banking Program
The Treasurer's Community Bank and Credit Union Initiative was established to support Connecticut's community banks and credit unions and to enhance their ability to promote the economic and social health of the communities they serve. These financial institutions offer locally-originated loans to individuals and small-to-medium sized companies and provide locally-oriented banking services in underserved markets. Connecticut General Statute 3-24k and 3-24l, a result of legislation proposed by the Treasurer's Office, allows the Treasurer to establish a program for the investment of up to $300 million with community banks and credit unions. The Treasurer's Office is pursuing this initiative in recognition of the valuable roles community banks and credit unions play in their communities.
Under the initiative, community banks and credit unions as defined by Connecticut General Statute 3-24k and 3-24l not exceeding an asset cap are eligible to compete for a targeted pool of investments in the form of certificates of deposit. Beginning September 30, 2024, the $2 billion asset cap is adjusted annually to reflect the increase in median loan growth of eligible institutions.
Please review the program guidelines, along with the required investment and security agreements to learn more about the program.
Recent Results:
| CD Amount | Bid Date | Settlement Date | Maturity Date | Winning Bids |
| $4,000,000.00 | May 08, 2025 | May 09, 2025 | November 07, 2025 | 4.282% |
Since May 2006, investments in the Community Bank and Credit Union Initiative program have totaled $771.5 million.
Bids are compared based on interest paid at maturity. For consistency, the Treasurer's Office recalculates yields by the following method: interest at maturity divided by investment amount, times 365 days, divided by investment term, times 100.
Next Competitive Bidding Auction
Thursday, June 05, 2025 between 8:00 and 9:30 a.m. (see Bid Schedule below).
Financial institutions may bid on three, six, nine and twelve- month certificates of deposit, per the table below. Contact Marc Gagnon for additional information. Financial institutions should feel free to bid on multiple pieces and may limit their maximum investment by indicating the largest total amount they would like to receive.
Bid Schedule:
| CD Amount | Bid Date | Settlement Date | Maturity Date |
| $5 million | June 05, 2025 | June 06, 2025 | September 05, 2025 |
| $5 million | June 05, 2025 |
June 06, 2025 | December 05, 2025 |
| $5 million | June 05, 2025 | June 06, 2025 | March 06, 2026 |
| $5 million | June 05, 2025 | June 06, 2025 | June 05, 2026 |
Documents for Banks
The agreements below must be returned and approved by the Office of the State Treasurer, Short-Term Investment Unit in order to participate in a competitive bidding auction.
Bank Investment Agreement
Bank Security Agreement
Bank Bid Form
Documents for Credit Unions
The agreements below must be returned and approved by the Office of the State Treasurer, Short-Term Investment Unit in order to participate in a competitive bidding auction.
Credit Union Investment Agreement
Credit Union Security Agreement
Credit Union Bid Form