Territorial Bank of American Samoa explained

Territorial Bank of American Samoa
Type:	Public bank
Industry:	Banking Financial services
Founded:	in Pago Pago, American Samoa^[1]
Location City:	Pago Pago, American Samoa
Location Country:	United States
Area Served:	American Samoa
Key People:	Owen Peery (President and CEO)
Assets:	^[2]
Assets Year:	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]

Notes and References

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