Summary
Bankers have been lobbying for the state to invest a portion of its cash management fund in New Jersey banks since the early 1990s, [John E. McWeeney Jr.] said. While it's been eight months since [Jon S. Corzine] announced the plan, McWeeney said it wasn't too long of a wait. "Waiting a couple of months was not a longtime for us, because we've been waiting for years," McWeeney said.
Currently, no state fund money is invested through state- chartered banks, according to state Treasury spokesman Tom Bell. [...] any bank with a principal or branch office in the state is eligible, although the state's investment director can give preference to banks that participate in state Economic Development Authority programs, including preferred lenders.See the full content of this document
Extract
Banks Poised to Add State As Depositor
IN THEIR STRUGGLE to cope with the economic downturn, some Garden State community banks may receive deposits soon from a major customer: the State of New Jersey.
A state Assembly committee has approved a bill th...See the full content of this document
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