Designated State Depositories

 

A designated state depository is any state or national bank or any state or federal savings and loan association in this state meeting statutory requirements.  The State Treasurer’s Office is authorized to approve financial institutions to accept moneys due the state.  Procedures and methods for depositing, disbursing and collateralizing these moneys are determined based on the best interest of the state per WV Code §12-2-2.   A financial institution must be approved by the State Treasurer’s Office to accept public fund deposits.

Becoming a Designated State Depository

Any financial institution who would like to become a designated state depository should provide the following documentation along with the State Treasurer’s Office Banking Services Agreement:

  • Letter/email requesting to become a state approved depository;
  • Copy of the financial institution’s bank charter;
  • Signed Corporate Resolution included with the provided agreement; and
  • State Treasurer’s Office Confidentiality and Non-disclosure agreement included with the provided agreement.

For questions about becoming a state designated depository, please send an email to DepositoryGroup@wvsto.gov.

Current Designated State Depositories

Quarterly Reporting

All depositories are required to submit reports to the Treasurer’s office at the end of each calendar quarter, providing information on total public fund balances on deposit. Designated depositories shall abide by the procedures established by the State Treasurer’s Office (STO), use forms prescribed by the STO, verified by affidavit, include the amount of state funds on deposit, and be signed by the President or Cashier of the financial institution. The depository shall comply with any further reporting requirements established by the STO, including electronic account access and reporting deadlines. The balance totals are calculated for the amount of collateral required.