County Executive Steve Schuh Announces Community Bank Investment Program
Annapolis, MD (May 7, 2018) – County Executive Steve Schuh today announced a program to invest up to $100 million in County funds with small, Anne Arundel County community banks to support small enterprises in the County.
“County government should be supporting every local business in our jurisdiction,” said Schuh. “The Community Bank Investment program will ensure that Anne Arundel County government is supporting Anne Arundel County banks.”
While the County's funds must be invested in a way that insures preservation of capital, sufficient liquidity of funds for County needs, and an acceptable return on the County's investments, these guiding principles can be met not only by large national institutions, but also by our local banks.
Schuh has directed the Controller to send information to our local banks and encourage them to become a part of the County's investment program. Whether through collateralized certificates of deposit, FDIC insured term certificates of deposit, FDIC insured cash sweep accounts, or some other instrument, local banks could partner with the County in a mutually beneficial relationship to invest and grow County funds, while at the same time growing local banking reserves to the benefit of all our citizens.
Any local banking institution interested in seeing if it may participate in this program should reach out to the County's Office of Finance at 410-222-1166 or [email protected] to inquire about County investment options.