UT Investing In Rural Communities

The University of Tennessee System has launched a new program that will invest $1.4 million in rural communities across Tennessee.

The UT System began investing in locally based certificates of deposits (CDs) with 14 banking partners throughout Tennessee. With an initial investment of $1.4 million, this program will strengthen partnering financial institutions while diversifying the University’s cash management accounts.

Each of the participating banks received $100,000 in deposits for a12-month term. Interest on the CD will be paid to the UT System upon maturity with an option to renew at that time.

The program originated after an internal review of the UT System’s banking processes revealed opportunities for operational and internal control improvements by streamlining the number of disbursing bank accounts across the state.