Type | Public bank |
---|---|
Industry | Banking Financial services |
Founded | 2016Pago Pago, American Samoa [1] | in
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]
Kingman Reef is a largely submerged, uninhabited, triangle-shaped reef, geologically an atoll, 9.0 nmi (20 km) east-west and 4.5 nmi (8 km) north-south, in the North Pacific Ocean, roughly halfway between the Hawaiian Islands and American Samoa. It has an area of 3 hectares and is a unincorporated territory of the United States in Oceania. The reef is administered by the United States Fish and Wildlife Service as the Kingman Reef National Wildlife Refuge. It was claimed by the US in 1859, and later used briefly as stopover for commercial Pacific flying boat routes in the 1930s going to New Zealand, however the route was changed with a different stopover. It was administered by the Navy from 1934 to 2000, and thereafter the Fish and Wildlife service. It has since become a marine protected area. In the 19th century it was noted as maritime hazard, earning the name Hazard Rocks, and is known to have been hit once in 1876. In the 21st century it has been noted for is marine biodiversity and remote nature. There are hundreds of species of fish and coral on and around the reef.
The economy of Samoa is dependent on agricultural exports, development aid and private financing from overseas. The country is vulnerable to devastating storms. Agriculture employs two-thirds of the labor force, and furnishes 9% of exports, featuring coconut cream, coconut oil and copra. Outside a large automotive wire harness factory, the manufacturing sector mainly processes agricultural products. Tourism is an expanding sector; more than 70,000 tourists visited the islands in 1996 and 120,000 in 2014. The Samoan Government has called for deregulation of the financial sector, encouragement of investment, and continued fiscal discipline. Observers point to the flexibility of the labor market as a basic strength factor for future economic advances.
Pago Pago is the capital of American Samoa. It is in Maoputasi County on Tutuila, which is American Samoa's main island.
A Federal Reserve Bank is a regional bank of the Federal Reserve System, the central banking system of the United States. There are twelve in total, one for each of the twelve Federal Reserve Districts that were created by the Federal Reserve Act of 1913. The banks are jointly responsible for implementing the monetary policy set forth by the Federal Open Market Committee, and are divided as follows:
The flag of American Samoa is a flag consisting of a red-edged white triangle pointing towards the hoist charged with a bald eagle clutching a war club and fly-whisk, with dark blue upper and lower triangles. Adopted in April 1960 to replace the "Stars and Stripes" as the official flag of the territory, it has been the flag of the Territory of American Samoa since that year. The colors used epitomize the traditional colors of the United States and Samoa.
In the law of the United States, an insular area is a U.S.-associated jurisdiction that is not part of the 50 states or the District of Columbia. This includes fourteen U.S. territories administered under U.S. sovereignty, as well as three sovereign states each with a Compact of Free Association with the United States. The term also may be used to refer to the previous status of the Philippine Islands and the Trust Territory of the Pacific Islands when it existed.
Territories of the United States are sub-national administrative divisions overseen by the federal government of the United States. The various American territories differ from the U.S. states and Indian reservations as they are not sovereign entities. In contrast, each state has a sovereignty separate from that of the federal government and each federally recognized Native American tribe possesses limited tribal sovereignty as a "dependent sovereign nation." Territories are classified by incorporation and whether they have an "organized" government through an organic act passed by the Congress. American territories are under American sovereignty and, consequently, may be treated as part of the United States proper in some ways and not others. Unincorporated territories in particular are not considered to be integral parts of the United States, and the Constitution of the United States applies only partially in those territories.
Togiola Talalelei A. Tulafono is an American Samoan politician and lawyer who served as the sixth governor of American Samoa. He is a member of the Democratic Party. He had previously served as the seventh lieutenant governor.
The American Samoa men's national football team represents American Samoa in men's international association football and is controlled by the Football Federation American Samoa, the governing body of the sport in the territory. American Samoa's home ground is the Pago Park Soccer Stadium in Pago Pago and their head coach is Tunoa Lui.
The Bank of American Samoa was founded in 1914 but since 2018 no longer exists.
The American Samoa Fono is the territorial legislature of American Samoa. Like most states and territorial legislatures of the United States, it is a bicameral legislature with a House of Representatives and a Senate. The legislature is located in Fagatogo along Pago Pago harbor.
Fagatogo is the downtown area of Pago Pago. Located in the low grounds at the foot of Matafao Peak, it was the location of the first American settlement on Tutuila Island. It includes the sub-village of Malaloa. Today, Fagatogo is the government, commercial, financial, and shipping center of Tutuila. It is also the administrative capital of American Samoa. It is the location of the American Samoa Fono (legislature), and is listed in the Constitution of American Samoa as the territory's official seat of government. Its population is 1,737.
American Samoa's at-large congressional district encompasses the entire U.S. territorial region of American Samoa. The territory does not have a voting member of Congress but does elect a delegate who can participate in debates and vote in committees of which they are a member. Amata Coleman Radewagen is the current delegate of the islands.
Pago Pago International Airport, also known as Tafuna Airport, is a public airport located 7 miles (11.3 km) southwest of the central business district of Pago Pago, in the village and plains of Tafuna on the island of Tutuila in American Samoa, an unincorporated territory of the United States.
Tafuna is a village in Tualauta County, Western District, American Samoa. It is the most populous village in American Samoa, with a population of 7,988 according to the 2020 U.S. Census, and is the center of nightlife on island.
American Samoa is an unincorporated territory of the United States located in the South Pacific Ocean, southeast of the island country of Samoa. Centered on 14.3°S 170.7°W, it is east of the International Date Line and the Wallis and Futuna Islands, west of the Cook Islands, north of Tonga, and some 500 kilometers (310 mi) south of Tokelau. American Samoa is the southernmost territory of the United States and one of two U.S. territories south of the Equator, along with the uninhabited Jarvis Island.
Severe Tropical Cyclone Gita was the most intense tropical cyclone to impact Tonga since reliable records began. The second named storm and first major tropical cyclone of the 2017–18 South Pacific cyclone season, Gita originated from a monsoon trough that was active in the South Pacific in early February 2018. First classified as a tropical disturbance on 3 February, the nascent system meandered near Vanuatu for several days with little development. After acquiring a steady east trajectory near Fiji, it organized into a Category 1 tropical cyclone on 9 February near Samoa. Arcing south in a clockwise turn, the system rapidly intensified, and became a severe tropical cyclone on 10 February near Niue.