StoneCastle’s Federally Insured Cash Account Powers New State Investment Vehicle
State launches program to support local communities through StoneCastle’s Federally Insured Cash Account
New York, New York – The Federally Insured Cash Account (FICA®), a leading cash management product developed by StoneCastle Cash Management, LLC was chosen to power STAR Plus, a new investment program for municipalities in the state of Ohio. Josh Mandel, the Treasurer of the State of Ohio, recently announced that Ohio would become the first state in the nation to offer an innovative new program that will provide safe and competitive returns on cash deposits for Ohio local governments and aims to help keep Ohio public funds in Ohio banks.
The new program is designed to help the State of Ohio’s cities and towns potentially improve their return on cash reserves. STAR Plus offers the safety and security of FDIC insurance while seeking to keep local taxpayer dollars in the community banks that fuel local economies and small business growth.
Joshua Siegel, Managing Principal of StoneCastle said, “We are privileged to have our FICA platform power Star Plus and enable Ohio public entities to safely and securely potentially increase their return on cash reserves while supporting Ohio’s community banks. We are thrilled to work with the State of Ohio on their new program.”
“This innovative idea is a win for local governments who are tightening their belts and stretching tax dollars, a win for community banks that fuel local economies, and a win for Ohio families because it will foster an opportunity for job creation across Ohio,” said Mandel.
StoneCastle Partners, LLC (“StoneCastle”, www.stonecastlepartners.com) was founded in 2003 and is one of the largest managers of investment funds and providers of advisory services dedicated to the U.S. community banking sector. StoneCastle was founded with a mission to help ensure a strong and healthy community banking sector. Its history of developing innovative investment structures and deposit solutions has made it one of the most respected financial organizations and largest investors in community banks. Collectively, StoneCastle and its principals have provided over $5.5 billion of capital to over 430 community banks in the U.S. and have established nearly 400 deposit relationships that provide stable deposit funding to community banks through StoneCastle Cash Management, LLC and its FICA product.
All information contained in this release is for informational purposes only and should not be construed as investment advice. It is not a complete summary or statement of all available data, nor is it to be construed as an offer to buy or sell any securities referred to herein. The information contained herein has been prepared from sources believed reliable but is not guaranteed by StoneCastle Partners, LLC or StoneCastle Cash Management LLC.
StoneCastle Cash Management, LLC, an affiliate of StoneCastle Partners LLC, is an investment adviser registered with the United States Securities and Exchange Commission. For more information regarding the firm, please see its Form ADV Parts 1 and 2A on file with the SEC. Registration with the SEC does not imply a particular level of skill or training.
FICA® and Federally Insured Cash Accounts are registered marks of StoneCastle Cash Management, LLC. FICA® is not a member of FDIC, but the banks where money is deposited are FDIC members. The FDIC is an independent agency of the U.S. government that protects the funds depositors place in FDIC insured institutions up to $250,000 per institution. FDIC deposit insurance is backed by the full faith and credit of the U.S. government.
- Contact Information
- Eric Lansky
- Managing Director
- StoneCastle Partners, LLC
- (1) (212) 354-6500
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