State Treasurer Clint Zweifel announces $1.1 million in low-interest loans for King City Lumber Company

State Treasurer Clint Zweifel (ZWY-ful) announced today he has awarded $1.1 million in low-interest Missouri Linked Deposit Program loans to King City Lumber Company in King City. The company operates as a construction firm and owns and operates the Do It Best Center, a local hardware store. With the low-interest loans, the company was able to refinance debt it took out to remodel its hardware store and to increase its inventory. The company has 11 full-time employees.

“The Missouri Linked Deposit Program has helped small businesses throughout Missouri refinance debt, allowing them to more easily remodel and expand, just like King City Lumber Company has done,” Treasurer Zweifel said. “Small businesses and farmers need the opportunity to grow and make updates. The Missouri Linked Deposit Program provides the low-interest capital entrepreneurs and farmers need, and local lenders you work with every day can help you begin the very easy application process. I have approved more than $1 billion in loans for Missourians, helping our economy grow when we need it more than ever.”

King City Lumber Company’s loans will save it an estimated $84,000 in interest over the next five years should it choose to take out loans for that period. King City Lumber Company has been family owned since it opened in 1972. The construction side of the company works on commercial, agricultural and residential buildings. Commerce Bank partnered to make the loan.

Since January 2009, northwest Missouri has received more than $66 million in loans impacting more than 1,100 jobs and farmers. Statewide, more than $1 billion in loans have been approved impacting more than 18,300 jobs and farmers.

About the Missouri Linked Deposit Program
The Missouri Linked Deposit Program is managed by State Treasurer Clint Zweifel. Missouri-based small businesses with up to 99 employees and farmers are eligible to receive a loan through the Missouri Linked Deposit Program based on lender underwriting standards. Additionally, local governments, housing developments and alternative-energy focused projects may qualify for the low-interest loans. About 130 lenders with 350 branches throughout Missouri use the Missouri Linked Deposit Program. An extensive list of participating lenders and program eligibility guidelines are online at www.treasurer.mo.gov/LinkedDeposit.

$9 Million in Unclaimed Property in NW Missouri

State Treasurer Clint Zweifel (ZWY-ful) announced, as of this morning, a record $36.5 million worth of Unclaimed Property has been returned to a record 123,000 Missourians in fiscal year 2012 – with three weeks remaining in the fiscal year. With the announcement, Treasurer Zweifel has now returned $119 million since 2009, which is 35 percent of all Unclaimed Property ever returned.

This is the fourth year in a row Treasurer Zweifel has broken the accounts returned record, and third year he has broken the monetary record.

“It’s simple – my administration is getting more money out the door faster than ever before, all while reducing costs,” Treasurer Zweifel said. “Each day we use innovative tools, streamlined practices and top-notch customer service to get Missourians their money. We still have three weeks to go, and I expect returns to grow – I know Missourians do too.”

Unclaimed Property started being returned in 1985, and became part of the State Treasurer’s office in 1993. The previous return records, set in fiscal year 2011, were $36 million in Unclaimed Property to 120,000 accounts.

Treasurer Zweifel has made it possible for Missourians to file their claims online, allowing more than 50 percent of all claims to be filed without a single piece of paper. He created an email notification system through which Missourians can register their information and an email is sent any time new Unclaimed Property matching their information is added. Treasurer Zweifel has placed Unclaimed Property Search Kiosks in Columbia, Mo., Joplin, Mo., and most recently O’Fallon, Mo., allowing Missourians to search for their property while conducting business at local driver’s license bureaus. He has also conducted several regional telethons, allowing thousands of Missourians to call in and check if they have Unclaimed Property even if they do not have a computer.

“I am looking for new ways to make it easier for Missourians to work with their government all the time, and Unclaimed Property is one of the best examples of the success strong customer service can provide,” Treasurer Zweifel said. “Thousands of Missourians visit www.ShowMeMoney.com each week, and each week I add new Unclaimed Property. My team will continue to do all it can to make it as easy as possible for Missourians to claim property that belongs to them.”

Treasurer Zweifel currently holds nearly $700 million in Unclaimed Property for 4.3 million account holders that may be searched for and claimed at www.ShowMeMoney.com.

Amount of Unclaimed Property still to be returned by region (counties):

Kansas City Region (Bates, Carroll, Cass, Clay, Henry, Jackson, Johnson, Lafayette, Platte, Ray): $99 million in more than 755,000 accounts.

- 12 accounts with more than $100,000 each from Jackson County.

Mid-Missouri Region (Audrain, Benton, Boone, Callaway, Camden, Cole, Cooper, Dent, Gasconade, Howard, Maries, Miller, Moniteau, Montgomery, Morgan, Osage, Pettis, Phelps, Pulaski, Saline): $24.5 million in more than 265,000 accounts.

- Four accounts with more than $100,000 each in mid-Missouri – two accounts in Boone County and one each in Camden and Cole counties.

Northeast Missouri Region (Adair, Chariton, Clark, Knox, Lewis, Linn, Macon, Marion, Monroe, Pike, Putnam, Ralls, Randolph, Schuyler, Scotland, Shelby, Sullivan): $7.4 million in more than 71,000 accounts.

Northwest Missouri Region (Andrew, Atchison, Buchanan, Caldwell, Clinton, Daviess, DeKalb, Gentry, Grundy, Harrison, Holt, Livingston, Mercer, Nodaway, Worth): $9 million in more than 89,000 accounts.

- One account with more than $100,000 in Buchanan County.

Southeast Missouri Region (Bollinger, Butler, Cape Girardeau, Carter, Dunklin, Iron, Madison, Mississippi, New Madrid, Pemiscot, Perry, Reynolds, Ripley, Scott, St. Francois, Ste. Genevieve, Stoddard, Wayne): $14.3 million in more than 170,000 accounts.

- One account with more than $100,000 in Butler County.

Southwest Missouri Region (Barry, Barton, Cedar, Christian, Dade, Dallas, Douglas, Greene, Hickory, Howell, Jasper, Laclede, Lawrence, McDonald, Newton, Oregon, Ozark, Polk, Shannon, St. Clair, Stone, Taney, Texas, Vernon, Webster, Wright): $35 million in more than 383,000 accounts.

- One account with more than $100,000 in Jasper County.

St. Louis Region (Crawford, Franklin, Jefferson, Lincoln, St. Charles, St. Louis City, St. Louis County, Warren, Washington): $208 million in more than 1.3 million accounts.

- There are 19 accounts with $100,000 each in them - 15 of these accounts are from St. Louis County, 3 are from St. Louis City and one is from Franklin County.

About Treasurer Zweifel’s Unclaimed Property

State law requires financial institutions, insurance companies, public agencies and other business entities to turn over assets to Treasurer Zweifel’s office that belong to a customer, client, employee or other owner if there have been no documented transactions or contact with the owner for five or more years.  Most Unclaimed Property consists of cash from bank accounts, stocks, bonds and contents of safe deposit boxes that have been abandoned. It also can include uncollected insurance policy proceeds, government refunds, utility deposits and wages from past jobs. Treasurer Zweifel’s office does not handle real property such as land, houses, cars and boats. There is $700 million in Unclaimed Property maintained by Treasurer Zweifel. Treasurer Zweifel never charges for the return of Unclaimed Property.

State Treasurer Clint Zweifel says Missouri's $4 billion investment portfolio is secure

State Treasurer Clint Zweifel (ZWY-ful) issued a statement today about the continued strong fiscal health of the state's $4 billion investment portfolio in light of recent market fluctuation.

"Missourians should be confident in the health of their tax dollars I manage because those dollars are invested with prudence, using fiscally sound financial principles," Treasurer Zweifel said. "I want Missourians to know our bills will continue to be paid, and the $4 billion investment portfolio continues to be monitored with the utmost care, as it has been since the day I took office. The principles guiding our investments have not changed because they have been sound from day one - I focus on safety through conservative investments and manage liquidity so that our bills are always paid on time. The state's investment portfolio has not suffered any losses, and I am confident we will not be impacted because of the broad diversity and institutional safety put in place."

The investment portfolio is made up of funds not currently used to meet the state's cash flow needs. The investment portfolio consists of the following as of July 31:
U.S. Treasury Debt - 8 percent
U.S. Agency Debt - 51 percent
Repurchase Agreements - 18 percent
Bank Time Deposits - 17 percent
Highly-rated Commercial Paper - 6 percent

Clint Zweifel announces he is running for re-election in 2012

State Treasurer Clint Zweifel (ZWY-ful) today announced he is running for re-election to a second term in 2012. He made the announcement via a video on his campaign website. He will kick off his campaign Wednesday, June 22 in Forest Park in St. Louis. “It is an honor to serve Missourians each day as their State Treasurer, and today I am reapplying for the job. When I was elected, we faced tough economic challenges. I have been committed to meeting those challenges head on and getting results for taxpayers, and our state is beginning to move in the right direction,” Treasurer Zweifel said. “I am running for re-election because Missourians expect and deserve to have their savings and tax dollars protected, and I have done that by maintaining our AAA bond rating. Before I took over, red tape and high costs were in the way of getting loans out the door and helping parents save for college. My efforts have boosted low-interest loans through the Missouri Linked Deposit Program to impact 10,000 jobs and farms – a modern record, streamlined Unclaimed Property to return all-time highs and retooled our college savings plan to make it the fifth lowest cost plan in the country.”

Treasurer Zweifel has cut office spending every year, and has passed four significant pieces of legislation that are growing low-interest loan volume, increasing investment returns, streamlining college savings and protecting unclaimed military medals. “My commitment to taxpayers is to get things done – not sit in Jefferson City and bicker over partisan politics. I work with Democrats and Republicans every day to find opportunities to move the state forward, and I will not be satisfied until every Missourian looking for work finds a job,” Treasurer Zweifel said. “Missourians can look at my office and see the impact I have made, whether it is low-interest loans, MOST–Missouri’s 529 College Savings Plan, Unclaimed Property or increased returns from our investment portfolio. “If Missourians accept my application and re-elect me for another four years, I will remain committed to creating opportunities for citizens – making Missouri a better place to raise a family, go to work and get an education,” Treasurer Zweifel said. “In just two and a half years, I have made investments in every county in this state – investments that directly impact jobs and grow farms and businesses. I’m running for a second term to continue making innovative decisions that work for all Missourians – families, farmers and businesses.”

As State Treasurer, Zweifel manages a $3.6 billion investment portfolio, oversees $23 billion in annual state revenues and administers state banking services. He is responsible for returning $600 million in Unclaimed Property, managing a $720 million low-interest loan program and leading the state’s college savings plan. In 2008, Treasurer Zweifel became the youngest State Treasurer in more than 100 years. Treasurer Zweifel and his wife, Janice, have been married for 14 years and are parents to two daughters, Selma and Ellie. Janice, a behavior analyst, works with children and adults with special needs. The Zweifel family lives in Columbia.

State Treasurer Clint Zweifel says Missouri families will see college savings costs drop 44 percent on Monday, June 6

State Treasurer Clint Zweifel (ZWY-ful) today said Missouri families will see the largest expense reduction ever for MOST–Missouri’s 529 College Savings Plan starting Monday, June 6. The 44-percent price reduction will make the do-it-yourself direct-sold MOST 529 Plan the fifth lowest-cost plan in the nation according to Morningstar.

The upgrades are a result of a new five-year public-private partnership with Upromise Investments and Vanguard announced in February that is estimated to save investors $18.5 million. The partnership also includes a $500,000 financial assistance package.

“The cost reductions and the $500,000 financial assistance package are a reflection of the commitment to higher education that parents and students are already making,” Treasurer Zweifel said. “Saving early and saving often is important for families thinking about college. Lower expenses on the MOST 529 Plan means that Missourians keep more of their money invested in the future of their children. I am pleased that we have been able to work with our partners at Upromise Investments and Vanguard to make it more affordable than ever for Missourians to save for college.”

The direct-sold MOST 529 Plan will feature low-cost Vanguard investments, including three age-based options, eight index-based portfolios, two conservative portfolios and four actively-managed portfolios. Costs will range from 0.29 percent to 0.38 percent for age-based, index-based and conservative options, which previously cost 0.55 percent. Actively managed portfolios will range 0.53 percent to 0.60 percent, which previously ranged 0.87 percent to 1.58 percent. The total asset weighted cost of the direct-sold MOST 529 Plan is now 0.32 percent – fifth lowest in the nation.

Missourians preferring to save through a financial advisor now have expanded world-class investment options through DWS Investments, the United States retail division of the world’s eighth largest asset manager. The advisor-sold MOST 529 Plan will be distributed solely through DWS Investments Distributors, while continuing to provide access to other investments, including American Century, American Funds, BlackRock, Columbia, Franklin Templeton, Invesco, PIMCO and T. Rowe Price. Investors will continue to have access to the Scout International Terror-Free portfolio from UMB Bank. No account owner will see a fee increase and 27 percent will see fees decrease.

Between the direct-sold and advisor-sold MOST 529 Plans, there are 129,000 college savers with more than $1.7 billion going towards higher education.

“Participation in MOST 529 Plans is up 50 percent since I took office in 2009, meaning more Missourians than ever are saving for the higher education of the children in their lives,” Treasurer Zweifel said. “I am passionate about continuing to promote the MOST 529 Plans not only as State Treasurer, but as a father of two girls. With the growth of each MOST 529 Plan, scale has enabled us to realize cost savings that rewards Missouri’s families. This makes higher education more affordable for all Missourians.”

Details for the new five-year $500,000 financial assistance package are expected to be made public in September.

“Just like many Missourians and their families, I combined savings, scholarships and part-time jobs to be the first in my family to graduate from college,” Treasurer Zweifel said. “Missourians have steadfastly saved record amounts and we are rewarding that commitment.”

To open a MOST 529 direct-sold account, visit www.MissouriMost.org or call 1-888-414-MOST. An account can be started for $25.

To open a MOST 529 advisor-sold account, contact your financial advisor, call 1-800-617-5097 or visit www.Most529Advisor.com.

Farmers and small businesses in Blythedale, Maryville and Ridgeway awarded $600,000 in loans by State Treasurer Clint Zweifel

State Treasurer Clint Zweifel (ZWY-ful) today announced he awarded more than $600,000 in low-interest loans in northwest Missouri. Jerrod Ledgerwood received a $74,000 loan for his custom harvesting business in Blythedale, Gregory and Miraya Barmann were awarded a $310,000 loan for their Maryville farm and Beck’s Convenience Store in Ridgeway received a $220,000 loan.

“My goal with this loan program is to provide a tool so that small businesses and farmers can provide jobs for any Missourian looking for one,” Treasurer Zweifel said. “The Missouri Linked Deposit Program continues to grow, adding new lenders throughout the state. We are helping farmers like the Barmann’s, small businesses like Beck’s and entrepreneurs like Jerrod expand on new opportunities.”

The low-interest loan for Gregory and Miraya Barmann will save them an estimated $16,000 in interest costs over three years should they choose to take out loans for that length of time. The loan will be used to purchase 160 acres of farmland to raise cattle and plant row crops.

“Farming is part of our family tradition,” Gregory Barmann said. “The Missouri Linked Deposit Program is helping my wife and I ensure the tradition continues. I encourage other farmers looking for low-interest loans to consider this program.”

Nodaway Valley Bank partnered to make the loan.

“Our customers need low-cost capital as they seek to continue to grow their farms in our region,” said Clint Tobin, assistant vice president of Nodaway Valley Bank. “Treasurer Zweifel and the Missouri Linked Deposit Program provide our customers options they need during these difficult economic times. We look forward to helping this program continue to grow in northwest Missouri.”

The loan to Jerrod Ledgerwood will save his custom harvesting business an estimated $9,000 in interest costs over five years should loans be taken out for that length of time. Ledgerwood used the loan to purchase the business from its previous owner. The loan improves his cash flow.

Beck’s Convenience Store will save an estimated $15,000 in interest costs over three years should loans be taken out for that length of time. The store is using the loan to refinance debt and improve cash flow. Beck’s currently has one full-time employee. Citizens Bank of Blythedale partnered with Treasurer Zweifel to make loans to Beck’s Convenience Store and Ledgerwood.

The $38.4 million in loans issued to northwest Missouri borrowers has impacted 356 jobs and 309 farmers. Qualifying borrowers generally save 30 percent on the cost of the loan.

Nearly $626 million in loans have been approved statewide impacting nearly 8,300 jobs and 2,150 farmers since January 2009.

About the Missouri Linked Deposit Program
The Missouri Linked Deposit Program is managed by State Treasurer Clint Zweifel. Missouri-based small businesses with up to 99 employees and farmers are eligible to receive a loan through the Missouri Linked Deposit Program based on lender underwriting standards. Additionally, local governments, housing developments and alternative-energy focused projects may qualify for the low-interest loans. About 115 lenders with 350 branches throughout Missouri use the Missouri Linked Deposit Program. An extensive list of participating lenders and program eligibility guidelines are online at www.treasurer.mo.gov/LinkedDeposit.

State Treasurer Clint Zweifel announces Kindle giveaway

State Treasurer Clint Zweifel announced today MOST–Missouri’s 529 College Savings Plan will award Kindles, which are electronic readers, to two lucky Missourians as part of the plan’s 529 College Savings Day^® celebration. Winners will be selected from the pool of applicants who enter for a chance to win at www.most529savings.com by clicking on the 529 Day button. Entries will be accepted from May 1 through May 31, 2011. There will be three winners receiving the following prizes:

1^st Place – Winner will receive a Kindle and $50 Amazon.com gift card.

2^nd Place – Winner will receive a Kindle.

3^rd Place – Winner will receive a $50 Amazon.com gift card.

“I am excited we can give these great summer learning tools away and remind Missourians of the importance of college savings at the same time. Consistent contributions to MOST 529 can have a big impact, just like reading regularly,” said Treasurer Zweifel, who sponsors the college savings program. “To facilitate continued learning beyond grade school and high school, Missourians will also get the largest cost reduction ever on their MOST 529 Plan investments. The change takes effect on June 6 and makes MOST 529 one of the lowest costing plans in the nation, helping you keep more of your money invested in the future of your child.”

The giveaway is open to Missourians age 18 or older.* Winners will be notified by phone June 1, 2011, and announced June 8, 2011.

Falling on May 29, 529 College Savings Day^® is meant to remind Missouri’s families that saving for college is one of the most important things they can do for the children in their lives. Saving even a little bit of money as early as possible is integral to lowering the expense hurdle of a college education.

“If you start investing $50 per month in a MOST 529 account when a child is born, you could accumulate $16,633 by the time the child turns 18,**” Treasurer Zweifel said. “Small investments can add up over time to make a real impact on a child's education.”

MOST 529 currently has more than 123,000 account owners and more than $1.5 billion in assets, all-time highs for the plan.

With MOST 529, you can:

• Start saving with as little as $25. Additional contributions of $25 may be made at anytime.
• Save on taxes. Contributions and earnings grow deferred from federal and Missouri state income taxes, and can be withdrawn tax-free when used for qualified higher-education expenses.*** Plus, Missourians who are account owners qualify for a state income tax deduction on their contributions of up to $8,000 per tax year ($16,000 if married and filing jointly).****

· Choose from a variety of investments. With a wide variety of investment options, account owners can find an investment that matches their goals and comfort level.

For more information about MOST 529, visit www.most529savings.com or www.treasurer.mo.gov.

About the MOST 529 Plans

State Treasurer Clint Zweifel sponsors MOST 529, the tax-advantaged program that enables families to save for a child’s higher education. MOST 529 is an affordable, low-cost, tax-deferred way to save for higher education expenses. Investments in the plans can be used towards many qualified higher education expenses, including tuition, certain room and board expenses, books and mandatory fees at most four-year colleges and universities, many two-year institutions and vocational schools and some schools abroad. In addition, savings in MOST 529 can be used towards associate's, bachelor's and advanced degrees. Account owners may deduct up to $8,000 in contributions each year in computing their state income tax and married couples filing jointly may deduct up to $16,000 annually. Contributions to MOST 529 in a tax year are deductible from Missouri state income tax, but may be subject to recapture in subsequent years if an account owner makes a nonqualified withdrawal.

* Except employees and their immediate families and members of the same household of the sponsor (MOST—Missouri's 529 College Savings Plan), The Vanguard Group, Inc.; Upromise Investments, Inc.; State Treasurer Clint Zweifel’s office; and their respective agents or affiliates.

** A plan of regular investment cannot assure a profit or protect against a loss in a declining market. Monthly investments of $50 for a period of 18 years; annual rate of return on investment of 5% and no funds withdrawn during the time period specified. This hypothetical example is for illustrative purposes only. It does not reflect an actual investment in any particular 529 plan or any taxes or penalties payable/due upon distribution.

*** Earnings on nonqualified withdrawals may be subject to federal income tax and a 10% federal penalty tax, as well as state and local income taxes. The availability of tax or other benefits may be contingent on meeting other requirements.

**** Contributions to the plan in a tax year are deductible from Missouri state income tax, but may be subject to recapture in subsequent years if you make a nonqualified withdrawal.

Investment returns are not guaranteed, and you could lose money by investing in the Plan. Participants assume all investment risks, including the potential for loss of principal, as well as responsibility for any federal and state tax consequences.

If you are not a Missouri taxpayer, consider before investing whether your or the designated beneficiary's home state offers any state tax or other benefits that are only available for investments in such state's qualified tuition program.

For more information about MOST—Missouri's 529 College Savings Plan, call 1-888-414-MOST or visit www.missourimost.org to obtain a Program Description, Privacy Policy, and Participation Agreement. Investment objectives, risks, charges, expenses, and other important information are included in this document; read and consider it carefully before investing. Vanguard Marketing Corporation, Distributor and Underwriter.

The Missouri Higher Education Savings Program (the "Program Trust") is a trust created by the State of Missouri. When you invest in MOST—Missouri's 529 College Savings Plan (the "Plan"), you are purchasing portfolio units issued by the Program Trust. Portfolio units are municipal securities. The Plan has been implemented and is administered by the Missouri Higher Education Savings Program Board (the "Board"). Upromise Investments, Inc., and Upromise Investment Advisors, LLC, serve as the Program Manager and Recordkeeping and Servicing Agent, respectively, with overall responsibility for the day-to-day operations, including effecting transactions. The Vanguard Group, Inc., and American Century Investments serve as Investment Managers for the Plan. Vanguard Marketing Corporation, an affiliate of The Vanguard Group, Inc., markets and distributes the Plan. The Plan's portfolios, although they invest in mutual funds, are not mutual funds.

Senate passes permanent extension of Missouri Linked Deposit Program sought by State Treasurer Clint Zweifel

The Missouri Senate today passed House Bill 109, authorizing the permanent extension of the Missouri Linked Deposit Program. The bill was sought by State Treasurer Clint Zweifel (ZWY-ful) to guarantee farmers and small business owners continued access to low-cost investment capital. The bill heads to Governor Jay Nixon’s desk.

The legislation passed the Senate 33-0 and the House 158-0. Treasurer Zweifel has lent more than $570 million and impacted more than 9,000 jobs and farmers through the Missouri Linked Deposit Program. The low-interest loan program is fiscally responsible because the partner lending institution takes all credit risk, not the state.

“Our challenge is clear – invest in an economy that provides jobs for every Missourian looking for work. This permanent extension of low-cost investment capital guarantees we will continue to invest in Missouri’s strengths and its entrepreneurial spirit,” Treasurer Zweifel said. “Today’s unanimous and bipartisan vote is good news for workers, borrowers and lenders because it provides absolute certainty – certainty that we are committed to job creation and investments in family farms.”

Representative Don Wells sponsored HB 109.

“The passage of this bill in the Senate is good news for Missouri. The Missouri Linked Deposit Program has proven to be an excellent economic tool,” said Rep. Wells, the bill sponsor. “Treasurer Zweifel’s efforts to increase usage have been extremely successful in my district, and extending this economic development tool ensures access for our small business owners and farmers.”

HB 109 removes the Missouri Linked Deposit Program’s expiration date set for Dec. 31, 2015. Loans, which are approved yearly for up to five years, are available with five-year fixed rates. The permanent extension provides certainty to lenders that the highly popular five-year fixed rates will continue uninterrupted.

In 2009, Treasurer Zweifel’s jobs and economic development package expanded eligibility for the Missouri Linked Deposit Program. The single largest expansion of the program allows businesses with up to 99 employees to qualify; previously a business could have no more than 24 employees.

About the Missouri Linked Deposit Program

Missouri-based small businesses with up to 99 employees and farmers are eligible to receive a loan from State Treasurer Clint Zweifel through the Missouri Linked Deposit Program based on lender underwriting standards. Additionally, local governments, housing developments and alternative-energy focused projects may qualify for the low-interest loans. About 112 lenders with 300 branches throughout Missouri use the Missouri Linked Deposit Program. Information on the program and a list of participating lenders in the state can be found at www.treasurer.mo.gov/LinkedDeposit. The Missouri Linked Deposit Program was established by law in 1986.