Territorial Bank 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]

Territorial Bank of American Samoa

Company type	Public bank
Industry	Banking Financial services
Founded	2016; 8 years ago (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 assets	US$28.8 million [2] (2018)
Owner	Government of American Samoa

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.

External links

Official website