Definitions
Local Public Bank On this website, a local public bank is a bank owned by a government and its people and chartered to invest only in the community it represents (city, county, state). Key features of a local public bank are a) it’s transparency, b) it’s accountability to the public, c) the Regional Principle that governs where it can invest, and d) it’s prime directive to serve the people of the local jurisdiction with abundant affordable financing for locally owned businesses and to improve the quality of life within the community it represents.
Local Financial Institution: A local financial institution is privately owned corporation comprised mostly of the account members of the bank living in a political jurisdiction (city, county, state). These include local community banks, local savings banks, and credit unions. It does NOT include the mega-monopoly banks. The upper limit in assets owned by a Local Financial Institution, for Colorado, would be about $30 Billion.
