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Treasurer Josh Mandel Announces Launch of the Miami University Checkbook on OhioCheckbook.com
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2/7/2013

STAR Plus Program Surpasses $760 Million in Local Government Deposits, Continuing Strong Growth

COLUMBUS – State Treasurer Josh Mandel announced today that the innovative local government deposit program endorsed by the Treasurer’s office, STAR Plus, has surpassed $760 million in local government deposits.  The STAR Plus Program was launched in June 2012 and has seen tremendous growth since its inception.  

STAR Plus is a safe and secure investment option for government subdivisions such as schools, cities, counties, townships, libraries, and other public entities which provides weekly liquidity and a competitive yield.

“STAR Plus continues to grow and expand across Ohio as more and more local governments learn of the program and what it can offer,” said Treasurer Mandel.  “As local governments strive to do more with less, my office is pleased to offer the STAR Plus program as a safe investment option that has weekly liquidity and a competitive yield.  STAR Plus is a win-win-win for taxpayers, local governments and community banks across Ohio.”

Since the launch of this program, 261 Ohio government subdivisions have established STAR Plus accounts, depositing $760,944,011 as of February 6, 2013.  This includes 107 schools, 36 cities, 18 townships, 32 libraries, and 11 counties, amongst other government entities.


The STAR Plus program is also endorsed by the Community Bankers Association of Ohio (CBAO).  STAR Plus includes a preference for deposits to be made with Ohio banks so that money from local governments can be re-directed back to Ohio banks and used for loans to Ohio businesses.  

STAR Plus is available to STAR Ohio participants and is endorsed by the Ohio Treasurer’s office.  The program provides safe and competitive returns on cash deposits for Ohio local governments.  It is modeled after established private-sector programs and allows government fund managers to place deposits in a carefully-screened network of hundreds of Federal Deposit Insurance Corporation (FDIC) insured banks via a single convenient account.  Funds are deposited in multiple banks to provide the maximum deposit insurance amount as set by the FDIC, currently $250,000, providing the backing of the full faith and credit of the U.S. Government.  Public funds deposited in the program are fully FDIC insured  with no credit or market risk while earning a competitive yield, currently 22 basis points (0.22%) .  The minimum amount required to open a STAR Plus account is $500,000, and the current maximum amount is $15 million per depositor. The program offers daily deposit capability and weekly liquidity with penalty-free withdrawals for public funds managers.
 
For more information on STAR Plus, please visit: www.STAROhioPlus.com or www.OhioTreasurer.gov.

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All information contained herein is for informational purposes and should not be construed as investment advice. It does not constitute an offer, solicitation or recommendation to purchase any security.

[1] FICA® is not a member of FDIC, but the banks where money is deposited are FDIC members. The FDIC is an independent agency of the U.S. government that protects the funds depositors place in FDIC insured institutions up to $250,000 per institution. FDIC deposit insurance is backed by the full faith and credit of the U.S. government.
 
[2] Performance quoted represents past performance, which is no guarantee of future results. Current yield and maximum FDIC insurance coverage is indicative for STAR Plus and may change without notice due to changes in market or business conditions. Current yield is the net yield to client based on APYE for the prior month. For current yield call 1 (855) 648-PLUS (7587).  If a participant has cash at any depository institution that is in the FICA® network then they may not receive full FDIC insurance coverage on deposits at those institutions. Funds may be submitted for deposit only after a depositor enters into an administrative agreement. The account documents contain important information and conditions regarding the depositing of funds; these documents can be found at www.STAROhioPlus.com.

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