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Special Two-Day, Year-end WesCorp Certificate Sells Out in Hours

SAN DIMAS, Calif. - WesCorp said it sold 150 year-end certificates totaling more than $1.6 billion. The certificates were offered twice in a two-day span. They produced $65,881 in income for participating WesCorp members. Carrying a two-day term and a yielded rate of 2%, the certificates earned 75 basis points...

By Staff Writer | Updated on December 31, 2002

SAN DIMAS, Calif. – WesCorp said it sold 150 year-end certificates totaling more than $1.6 billion. The certificates were offered twice in a two-day span. They produced $65,881 in income for participating WesCorp members. Carrying a two-day term and a yielded rate of 2%, the certificates earned 75 basis points more than the federal funds target of 1.25%. The certificates ranged from $100,000 to $75,000,000 and sold out in a few hours, said WesCorp. “WesCorp’s Part III expanded authorities allow WesCorp to invest with international banks. As a result, we provided funds to some highly rated banks in Switzerland, England and Germany that needed to pre-fund their balance sheets for the close of the calendar year,” said Dietmar Huesch, VP of portfolio management for WesCorp.

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