Letter of Credit Collateral Requirements
Overview
The Treasurer’s Office is in charge of investing state and local taxpayer dollars. Through the Community Development Link Deposit, the Treasurer’s Office deposits funds via time deposits (amounts over the FDIC limit will require collateral) in Approved Program Depositories (banks and credit unions statewide).
To participate in the Community Development Linked Deposit and become an Approved Program Depository, you must complete all appropriate documentation and forms listed below. In addition, note that our office will conduct a safety and soundness review of your institution.
Financial Institution with aggregate total deposits greater than $250,000 pledging a Letter of Credit.
Complete the following documents:
- ACH Instruction Sheet (PDF fill-in form)
- Collateral Agreement (PDF fill-in form)
- Community Reinvestment Form (CRA) (PDF fill-in form)
- Deposit Agreement (with Certificate of Incumbency and State Certifications) (PDF fill-in form)
- Financial Institution Information Sheet (PDF fill-in form)
- Acceptable Collateral Listing
- Questionnaire for Financial Institutions (PDF fill-in form)
Please email all documents to banking-timedeposit@illinoistreasurer.gov. A representative from the Treasurer’s Office will contact you after your forms have been received and reviewed.
Strengthen Lending with Stable Deposits
Time deposits provide eligible financial institutions with a stable source of funding that can support lending in Illinois communities.
Call the Time Deposit Section at 217-782-0764 or email Banking-TimeDeposit@illinoistreasurer.gov.