State Bank Failures

What Is the Role of a ‘State Bank’ in the WA State Treasurer’s Race? Pt. 4 / State Bank Failures / Absent from the discussion of state banks is any mention of their history of failures. 10.20.20 / 1] Deposits in state banks are not protected by Federal Deposit Insurance programs, which means the taxpayers will be on the hook, if the bank fails for any reason. / 2] At some point in the last century Alabama, Kentucky, Illinois, Georgia, Tennessee, South Carolina, Missouri, Indiana, & Virginia have had state banks and all have failed, leaving the taxpayers with substantial additional tax burdens. / 3] Puerto Rico’s state bank was created in 1942 and liquidated in 2017. / 4] In California, the Los Angeles Community Development Bank was started in 1992 and closed its doors in 2004 because of insolvency. The cause appears to have been politically motivated criteria for otherwise problem loans. / 5] In 2018, Measure B (Los Angeles Public Bank Charter) failed with only 44% of the vote. / 6] Kitsap County Housing Authority had a $40 million project that failed, due to the bad economy, leaving the taxpayers with a $10 million bill.

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