Territorial Bank of American Samoa
TypePublic bank
IndustryBanking
Financial services
Founded2016 (2016) in Pago Pago, American Samoa[1]
Headquarters
Pago Pago, American Samoa
,
United States
Area served
American Samoa
Key people
Owen Peery (President and CEO)
Total assetsUS$28.8 million [2] (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.[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

  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.

Official website

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