To enable more banks to be eligible to participate in the BIG Program, including Minority Depository Institutions, and to expand the interest rate options on the WSSC Water investments, on May 19, 2021, the Washington Suburban Sanitary Commission adopted revisions to Chapter 5.105 of the WSSC Code of Regulations—Local Business Investment and Growth (BIG) Program.
The revisions to Chapter 5.105 of the Code of Regulations provide changes to the eligibility criteria for community banks who desire to participate in the BIG program. Among the changes are an increase in bank asset size up to $15 billion and removal of the $200 million required minimum asset size, requiring headquarters in Maryland or DC if one branch or loan office is located in Montgomery or Prince George’s County and requiring Green Veribank rating in 2 of the last 4 quarters. Expanded rate options include rates equal to various maturities of US Treasury Bills.
THE EFFECTIVE DATE OF THE REVISED REGULATION IS JULY 1, 2021
For additional information, please contact Patricia Colihan at Patricia.Colihan@wsscwater.com or 301-206-8565.