State Makes $100 Million Available To Banks

Thursday, August 23rd 2007, 7:50 pm

By: News On 6

OKLAHOMA CITY (AP) -- State Treasurer Scott Meacham said Thursday he is making an additional $100 million available for Oklahoma banks in response to the shortage of cash in the financial services industry and the need to provide loans for Oklahomans hit by the recent floods.

The treasurer said he made the decision after increased demand for certificates of deposit by Oklahoma's financial institutions.

He said recent floods have put additional stress on an already tight credit market.

"The money we invest in Oklahoma banks is used to provide the cash for loans to Oklahoma families and businesses. With the devastation left behind by the recent floods, Oklahomans have a much greater need for loans to help them rebuild."

Historically, the treasurer has invested a portion of the state's investment portfolio in Oklahoma banks through certificates of deposit. The additional $100 million represents an increase of 25% of the funds allocated for certificates of deposit.