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]