Total Deposits Greater than $250K with Securities Pledged

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 Institutions with aggregate total deposits greater than $250,000 and securities pledged, and any inactive Financial Institutions, defined as not participating in any Treasurer Office programs for more than 2 years. Contact Information for Approved Securities Intermediaries (Custodians)

State Deposit Documentation Requirements

The documents your institution must submit depend on the amount of the State deposit being requested. Please email all documents to banking-timedeposit@illinoistreasurer.gov for initial review. A representative from the Treasurer’s Office will contact you after your forms have been received and reviewed.

You only need to submit these documents:

  1. Schedule A – Form of Title of Accounts (PDF fill-in form): Defines how accounts must be titled on behalf of the State Treasurer to comply with Illinois law and the Uniform Commercial Code.
  2. ACH Instruction Sheet (PDF fill-in form): Provides the banking information needed to deposit State funds and withdraw monthly interest payments through ACH.
  3. Proposing Institution’s Commitment to Community Reinvestment Form (CRA) (PDF fill-in form): Form is required under 15 ILCS 520/5.
  4. Financial Institution Information Sheet (PDF fill-in form): Provides contact information for the financial institution related to the Treasurer’s various deposit programs.
  5. Questionnaire for Financial Institutions (PDF fill-in form): Collects information about the diversity of the institution’s ownership, professional staff, and suppliers.
  6. Acceptance of Appointment of Securities Intermediary by Depository (PDF fill-in form): Official acknowledgment that the Depository Institution has designated an approved Securities Intermediary, also known as the custodian.
  7. Account Control Agreement and Schedule A – Form of Title of Accounts(PDF fill-in form): A three-party agreement among the State Treasurer, the Depository Institution, and the Securities Intermediary (Custodian). The agreement outlines each party’s responsibilities for pledging collateral to secure State deposits.
  8. Collateral Agreement and Exhibit A – List of Acceptable Securities (PDF fill-in form): An agreement between the State Treasurer and the Depository Institution that explains the collateral requirements for securing State deposits above the $250,000 FDIC-insured limit.
  9. Deposit Agreement (with Certificate of Incumbency and State Certifications) (PDF fill-in form): The Deposit Agreement explains the requirements for approved State depositories. The Certificate of Incumbency identifies the individuals authorized to act on behalf of the Depository Institution in transactions with the State Treasurer, including:
    • requesting new or additional funds
    • confirming renewal terms for existing deposits
    • completing collateral transactions
  10. Acceptable Collateral Listing (PDF form): List of financial assets qualified for collateral to secure deposits and repurchase agreements
  11. Minutes of the Board of Directors of Depository (PDF fill-in form): Official board minutes showing that the Depository Institution’s Board of Directors approved the appointment of the Treasurer’s approved Securities Intermediary (Custodian).

Daily Rates and Portfolio Information

For your convenience, interest rates for these programs are updated daily on our website. You can also view monthly updates on the State Investment Portfolio.

Need Help?

If you have questions, contact the State Investments and Banking Division, Time Deposit Section at banking-timedeposit@illinoistreasurer.gov or 217-782-0764.