The West Virginia Board of Treasury Investments has surpassed $1 billion in deposits with state banks through the use of its online certificates of deposit auction program, state Treasurer John Perdue announced Thursday.
Created in 2006, the online certificate of deposit auction program allows West Virginia-based banks the opportunity to bid for the placement of six-month CDs. The auctions are designed to ensure fairness, improve competitiveness and garner the highest rates of return on public money.
The Treasurer's Office estimates the program has resulted in $1.4 million in greater interest return than if the funds were not put up for bid.
Three more banks successfully bid on funds Wednesday, pushing the auction total past the $1 billion mark.
"Passing the $1 billion milestone is obviously something we're proud of," said State Treasurer John Perdue, who also serves as chairman of the investment board.
"We have done just what we have set out to do - provide lending capital to small and large banks alike in hopes of creating an economic engine for growth," Perdue said.
Schwebel's recalls packages of buns
Schwebel's Baking Company on Thursday announced the recall of nearly 19,000 of the company's Gold Rich Buns with Honey, some of which were distributed to stores and restaurants in West Virginia.
The Youngstown, Ohio-based bakery said the packaging for its twelve-pack, 18-ounce bags of buns bearing "Best By" dates of Sept. 20 and Sept. 21 was incorrectly labeled and did not list the presence of egg among the buns' ingredient list.
The company warned people with egg allergies could run the risk of serious or life-threatening reactions if they consume the buns.
The buns were delivered to stores and restaurants in Ohio, Pennsylvania, Indiana, New York, West Virginia and Michigan on Sept. 9 and 10. The affected bags can be identified by their UPC Code number 071319000838 and lot numbers CAFC8W and CAFC7B.
The company said consumers can return the product to the place it was purchased for a full refund or replacement. To date, the company said there have been no adverse reaction complaints reported relating to this recall.
The company said anyone with questions can call its corporate offices at 800-860-2867 for more information.
Bank donates funds to Scout reserve