Territorial Bank of American Samoa
From Wikipedia, the free encyclopedia
Company typePublic bank
IndustryBanking
Financial services
Financial services
Founded2016 in Pago Pago, American Samoa[1]
Headquarters,
United States
 | |
| Company type | Public bank |
|---|---|
| Industry | Banking Financial services |
| Founded | 2016 in Pago Pago, American Samoa[1] |
| Headquarters | , 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 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]