Territorial Bank of American Samoa
 | |
| Company type | Public bank |
|---|---|
| Industry | Banking Financial services |
| Founded | 2016 in Pago Pago, American Samoa[1] |
| Headquarters | , United States |
Area served | American Samoa |
Key people | Owen Peery (President and CEO) |
| Total assets | US$28.8 million [2] (2018) |
| Owner | Government of American Samoa |
The Territorial Bank of American Samoa (TBAS) is a state-owned, state-run financial institution based in Pago Pago, American Samoa. It is one of only two government-owned general-service banks in the United States.[3]
The bank was established in response to an announcement in 2012 from the Bank of Hawaii that it planned to leave the territory.[4][5] The bank is unique in that it does not have FDIC insurance and its deposits are instead backed by the government of American Samoa.[6]
References
- ^ "Territorial Bank of American Samoa details its origins". www.samoanews.com. 2016-09-19. Retrieved 2023-03-23.
- ^ "TBAS financials for 2018 and 2017 at a glance". Talanei. Retrieved 2023-03-23.
- ^ Van Dam, Andrew (May 9, 2018). "When banks abandoned American Samoa, the islands found a solution nobody had used in a century". The Washington Post. Retrieved March 23, 2023.
- ^ "How far does American Samoa have to go to get a bank?". American Banker. 2017-07-31. Retrieved 2023-03-23.
- ^ "American Samoa finally gets a public bank. And U.S. states are watching". American Banker. 2018-05-01. Retrieved 2023-03-23.
- ^ "Community Bank of American Samoa proposes buying Territorial Bank of Samoa". Islands Business. 2022-06-28. Retrieved 2023-03-23.