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Bernalillo County Treasurer Begins Local Community Investment Initiative

06/05/2019

Bernalillo County Treasurer Nancy M. Bearce announces the establishment of a Local Community Investment Initiative (LCII).

The program invests county funds to local banks at a competitive rate of return. The banks, in turn, lend the money to local businesses and residents. This in turn would inject capital into our local community to continue stimulating our local economy.

“Using public funds in a way to benefit our local community while getting a competitive rate of return is an important part of being a good steward,” says Treasurer Nancy M. Bearce. “While this initiative is just starting, I am excited to partner with some of our local community institutions to benefit the citizens of Bernalillo County.”

Quick facts

Funds are part of the county’s short-term savings.
Banks selected after a competitive process including a satisfactory rating under the Community Reinvestment Act (CRA) guidelines.
Competitive rate of return on investment, while ensuring safety and liquidity.
Quarterly risk assessment of selected partners.

The Bernalillo County Treasurer’s Office developed the program over the last year. Once the office identified suitable partners, the financial institutions went through an interview process in order to determine the finalists. After the interviews, Bernalillo County staff evaluated the responses and selected the institutions with the best overall offer for the county.

The two banks selected were Southwest Capital Bank and Main Bank, but discussions continue with other local partners.

For more information regarding our selection criteria, please view our white paper by visiting www.bernco.gov/Treasurer.

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