BATON ROUGE, La. – Louisiana Corporate Credit Union has received a $5 million deposit from the Louisiana Department of Treasury.
The funds were part of an auction of $60 million in CDs this month, with LaCorp reporting it the only credit union to earn the funds. The corporate was one of 17 financial institutions that received deposits from the state.
LaCorp is paying 5.16% on the funds.
“Using a competitive auction website called BidLouisiana.com, the Treasury awards cash to financial institutions with the highest bids in exchange for CDs,” LaCorp said in a statement.
“It’s a tight market out there, and the competition for funds is strong,” LaCorp CEO David Savoie said in a statement. “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.”
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