State Treasurer to Make Wyoming funds ‘Closed For Business’ to Bank of the West

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“Well, under my watch, Wyoming investment dollars will not be placed with the Bank of the West.” – Treasurer Mark Gordon

CHEYENNE — In the wake of Bank of the West’s controversial announcement that they will no longer be funding certain types of projects involved with fracking, coal, oil and natural gas projects, Wyoming Treasurer Mark Gordon announced today that he will deny any applications from the bank to place certain state funds into their institutions.

Coal, oil, and natural gas are key components to the Wyoming economy and Wyoming way of life, said Treasurer Gordon. “Well, under my watch, Wyoming investment dollars will not be placed with the Bank of the West.”

“If the Bank of the West applies for the next round of the Time Deposit Open Account (TDOA) money, or in the future, I will deny it,” Gordon added.

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The Time Depost Open Account (TDOA) program, which is generated by the state’s Treasurer’s Office, places state funds into financial institutions throughout the state, allowing those institutions to use the money for loans to their customers.

Over the course of the program, Bank of the West has applied for and received $63 million in TDOA monies. The next round of applications will be decided in December.

“Bank of the West needs to hear this, if they do not support Wyoming, our economy and our working families, then I don’t support them,” said Gordon.”I am making this decision today as Treasurer. My next step will be to ask my colleagues on the State Board of Deposits to review the Bank of the West status as a public depository for the State of Wyoming.”

Gordon added that he would work collaboratively with the State Board of Deposits and state and local entities currently utilizing Bank of the West accounts to ensure a responsible review of the bank’s status as a public depositor. He noted that challenges involved with some local entities switching banks in the middle of the fiscal year, but pledged to work with individual communities through any transition.

What happened

Earlier this week, San Francisco-based Bank of the West announced that they will no longer fund companies who are involved with the exploration, production and distribution of coal, oil and natural gas.

Bank of the West has over 600 locations across the country, including several in Wyoming communities like Casper, Cheyenne, Laramie, Riverton, Kemmerer, Sheridan, Meeteetse, Gillette and Lander. The Rock Springs location recently closed.