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Territorial Bank of American Samoa

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Territory-owned and -run financial institution
Territorial Bank of American Samoa
[REDACTED]
Company typePublic bank
IndustryBanking
Financial services
Founded2016; 9 years ago (2016) in Pago Pago, American Samoa
HeadquartersPago Pago, American Samoa, United States
Area servedAmerican Samoa
Key peopleOwen Peery (President and CEO)
Total assetsUS$28.8 million  (2018)
OwnerGovernment 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.

The bank was established in response to an announcement in 2012 from the Bank of Hawaii that it planned to leave the territory. The bank is unique in that it does not have FDIC insurance and its deposits are instead backed by the government of American Samoa.

References

  1. "Territorial Bank of American Samoa details its origins". www.samoanews.com. 2016-09-19. Retrieved 2023-03-23.
  2. "TBAS financials for 2018 and 2017 at a glance". Talanei. Retrieved 2023-03-23.
  3. Van Dam, Andrew (May 9, 2018). "When banks abandoned American Samoa, the islands found a solution nobody had used in a century". Washington Post. Retrieved March 23, 2023.
  4. "How far does American Samoa have to go to get a bank?". American Banker. 2017-07-31. Retrieved 2023-03-23.
  5. "American Samoa finally gets a public bank. And U.S. states are watching". American Banker. 2018-05-01. Retrieved 2023-03-23.
  6. "Community Bank of American Samoa proposes buying Territorial Bank of Samoa". Islands Business. 2022-06-28. Retrieved 2023-03-23.

External links

Official website

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