Time Deposit Program
The program allows the State Treasurer to place deposits with eligible California financial institutions. By accessing funds through the Time Deposit Program, financial institutions can re-invest in the California communities they serve.
Contact Information
Manish Patel
Time Deposit Manager
(916) 653-3147
Sean Collier
Program Analyst
(916) 653-3147
State Treasurer's Office
Investment Division
901 P Street, Room 213B
Sacramento, CA 95814
P.O. Box 942809
Sacramento, CA 94209-0001
Additional Investment Information
Pooled Money Investment Account
Local Agency Investment Fund
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What is the Time Deposit Program?
The Time Deposit Program was created in 1945 by the State Bank Deposit Law of California. The program allows the State Treasurer to place deposits with eligible California financial institutions.
The goal of the Time Deposit Program is to stimulate local economies by supporting financial institutions that serve the interest of their communities throughout the state.
All time deposits are fully collateralized.
What is the Small Business Lending Time Deposit Program?
The California State Treasurer’s Office and a leading fintech Community Development Financial Institution (CDFI), have created this program to stimulate lending to small businesses owned by Socially and Economically Disadvantaged Individuals (SEDI) across California. This program leverages the STO’s established Time Deposit Program.
Through this program, deposits will be offered to banks with a presence in California. They do not need to be headquartered in California. The banks will then invest a percentage of the deposited funds in participating CDFIs which specialize in providing capital and other financial services to underserved communities.
Who is Eligible?
Financial institutions headquartered in California and authorized to accept deposits in the State of California. Eligible institutions include federally-insured commercial banks, savings banks, and credit unions. For the Small Business Lending Time Deposit Program, financial institutions with a presence in California may participate.
Why is Community Investment Important?
The State Treasurer places a high priority on community investment. Every effort is made to assure access to the Time Deposit Program for institutions that rely more on public and private deposits to lend and invest within their neighborhoods. By accessing funds through the Time Deposit Program, financial institutions can re-invest in the California communities they serve.
Time Deposit Program Participation Information as of 10/31/2024
| Institution Size | # of Institutions | Total Deposits |
|---|---|---|
| Total Assets | % of TD Program | % of TD Program |
| < $5 billion | 65.4% | 32.4% |
| $5-10 billion | 16.4% | 26.3% |
| $10-20 billion | 9.1% | 16.6% |
| $20-50 billion | 7.3% | 19.0% |
| > $50 billion | 1.8% | 5.7% |