BATON ROUGE, LA (May 7, 2024) — When the Louisiana Department of Treasury auctioned off $60 million in CDs this month, LaCorp was the only credit union to earn these funds. LaCorp was one of 17 financial institutions that received deposits from the state.
Using a competitive auction website called BidLouisiana.com, the Treasury awards cash to financial institutions with the highest bids in exchange for CDs. The program is administered by Louisiana State Treasurer John Fleming. With the state earning a competitive market rate of 5.16%, LaCorp and the other financial institutions that issued the CDs are also reaping the benefits, gaining access to much-needed liquidity.
“It’s a tight market out there, and the competition for funds is strong,” LaCorp CEO David Savoie said. “We’re proud that Louisiana has chosen to place some of its funds with LaCorp. As we serve the state, we’ll also continue serving our member credit unions and their members, in part, due to these funds.”
Building on a strong and enduring relationship, last year, the state bestowed upon LaCorp the title of a “duly approved state depository and fiscal agent,” a testament to LaCorp’s dependability.
Louisiana Corporate Credit Union (LaCorp) was chartered in 1984. LaCorp can serve credit unions nationwide with investments, liquidity, ACH and other services. It is federally insured and regulated by the Louisiana Office of Financial Institutions and the National Credit Union Administration (NCUA). Learn more about LaCorp at LaCorp.com.
Sarah Snell Cooke, MBA
443-472-6276
sarah@cookeconsultingsolutions.com
