Safe, Sound and Local
Beginning in November, 2017 the San Francisco Office of the Treasurer & Tax Collector will make up to $80 million of the County’s Pooled Investment Fund available over the next year for investments in banks, credit unions and community development financial institutions (CDFIs) located in San Francisco that are backed by letters of credit issued by the Federal Home Loan Bank of San Francisco.
This offering is modeled after the Time Deposit program of the California State Treasurer’s Office.
Investments are backed by a letter of credit guarantee from Federal Home Loan Bank of San Francisco (FHLBank San Francisco), a cooperative, wholesale bank that helps meet community credit needs by providing readily available, competitively priced credit products and services to member financial institutions through all phases of the economic cycle.
FHLBank San Francisco members include commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions headquartered in Arizona, California, and Nevada.
This new investment offering supplements the Office’s existing Certificates of Deposit Program, whereby the Treasurer invests up to $240,000 in FDIC -insured CDs with firms having at least one branch office within the boundaries of the City and County of San Francisco. Both offerings enable local financial institutions an opportunity to receive substantial deposits through a stable source of funding, and will have the same pricing. By limiting access to institutions that have at least one branch in San Francisco, the increased investments allow for re-investment in the San Francisco communities they serve.
For more information, contact Chief Investment Officer Bob Shaw