Contact: Vicki Hearing
Email: [email protected]
Phone: (608) 261-2415
Madison, WI –The State of Wisconsin Investment Board (SWIB) is expanding its
Wisconsin Certificate of Deposit(CD) Program, which is administered by Bankers’ Bank of Madison. In addition to
purchasing three-month, six-month, one-year, two-year and three-year fixed rate CDs SWIB will now purchase
floating rate CDs.
“Bankers’ Bank is excited to continue our partnership with SWIB in administering this new floating rate
funding program,” Tom Papenthien, Bankers’ Bank president/CEO, said. “The floating rate allows banks to match
floating rate loans with floating rate deposits.”
The Wisconsin CD Program was implemented in 1987 allowing SWIB to buy $80 million annually in CDs
issued by Wisconsin-based financial institutions. Under the program SWIB purchases CDs from qualified banks
and thrifts. The program provides deposits to the state’s economy through Wisconsin banks and thrifts while
providing a competitive rate of return on funds invested by SWIB.
The program was expanded to its present form in 1997 when SWIB joined with Bankers’ Bank of
Madison to offer more investment options. Participants in the program include large statewide banks as well as
locally owned community banks. Since these changes have been in effect, over 230 banks have participated in
the program, which includes institutions in more than 94% of Wisconsin’s counties.Wisconsin banks and thrifts
interested in the program should contact Bankers’ Bank at (800) 474-1113
SWIB invests the $88 billion Wisconsin Retirement System Trust Funds, the 9th largest public pension
fund in the United States and 30th largest pension fund in the world, for more than 570,000 past and present public
employees. Total assets under management by SWIB are $97 billion.
Bankers’Bank is a bank-owned bank that provides services only to financial institutions. As an
independent source of non-competing financial services, the Bank serves a market of over 600 financial
institutions located in the Midwest.