West Virginia Treasurer Announces $40M Term Deposit Auction Results

Five local banks to benefit from state investment program aimed at boosting community lending

Apr. 10, 2026 at 11:58am

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A geometric abstract illustration featuring overlapping triangles and rectangles in shades of blue, green, and yellow, conceptually representing the flow of state funds into local banking and lending to support economic development.State investment in community banking aims to spur local economic growth across West Virginia.Charleston Today

West Virginia State Treasurer Larry Pack announced the results of the 3rd Annual West Virginia Term Deposit Auction, which saw $40 million in state operating funds invested in five local banks across the state. The program, launched in 2023, is designed to provide a stable source of funds for community banks to use for mortgages, small business loans, and other local investment opportunities.

Why it matters

The West Virginia Term Deposit Program is an innovative way for the state to support its local banking sector and stimulate economic growth in small communities. By competitively bidding out state deposits, the program ensures fairness for taxpayers while also giving community banks access to low-cost funding they can reinvest into their local markets.

The details

The $40 million in state funds will be deposited with WesBanco Bank, Jefferson Security Bank, Citizens Bank of WV, Huntington Bank, and CNB Bank. These banks can then use the money to provide mortgages, small business loans, and other lending to support economic development in their communities.

  • The 3rd Annual West Virginia Term Deposit Auction was held on March 31, 2026.
  • The West Virginia Term Deposit Program was launched by the Board of Treasury Investments in 2023.

The players

Larry Pack

West Virginia State Treasurer and Chairman of the West Virginia Board of Treasury Investments.

West Virginia Board of Treasury Investments

The state agency responsible for managing West Virginia's Consolidated Fund, which contains short-term operating funds from various state and local government agencies.

WesBanco Bank, Inc.

One of the five West Virginia banks that will receive a portion of the $40 million in state deposits.

Jefferson Security Bank

One of the five West Virginia banks that will receive a portion of the $40 million in state deposits.

Citizens Bank of WV

One of the five West Virginia banks that will receive a portion of the $40 million in state deposits.

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What they’re saying

“The West Virginia Term Deposit Program is an innovative way to use state resources to invest funds in our local communities. By placing these deposits through a competitive bidding process, we ensure fairness for our taxpayers while also giving our state's financial institutions the opportunity to access a stable source of funds at favorable rates.”

— Larry Pack, West Virginia State Treasurer

“These deposits can then be used throughout our communities to stimulate economic growth through home mortgages, auto loans and small business loans and credit.”

— Larry Pack, West Virginia State Treasurer

What’s next

The West Virginia Board of Treasury Investments will continue to monitor the impact of the Term Deposit Program and may consider expanding the program to include more local banks in future auctions.

The takeaway

The West Virginia Term Deposit Auction demonstrates how state governments can leverage their financial resources to support local banking institutions and drive economic development in small communities. By providing a stable source of low-cost funding, the program empowers community banks to reinvest in their local markets through mortgages, small business loans, and other vital lending activities.