Community Bankers’ Bank and the Treasurer of Virginia established the Public Funds CD (PFCD) Program to conveniently place a portion of Virginia state public funds with Virginia’s community banks. PFCDs are a viable deposit option for your balance sheet funding and are considered brokered deposits.
This program is exclusively available to banks doing business in Virginia. The Treasurer of Virginia must certify your bank as being eligible to hold Virginia public funds before participation in the CBB program is permitted.
PFCDs are offered on a quarterly basis with the rate determined at the time of offering. If eligible, your bank may hold up to an amount equal to 3% of your total assets (maximum $20 million).