Territorial Bank of American Samoa

Last updated
Territorial Bank of American Samoa
Type Public bank
Industry Banking
Financial services
Founded2016;7 years ago (2016) in Pago Pago, American Samoa [1]
Headquarters,
United States
Area served
American Samoa
Key people
David A. Buehler (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]

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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.

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