Gordon Closes State Business to Bank of the West

In the wake of Bank of the West's controversial announcement that the bank will no longer fund fracking, coal, oil and natural gas projects, Wyoming Treasurer Mark Gordon has announced he will deny any placement of state funds in the institution.

Gordon said coal, oil and natural gas projects are key components to the Wyoming way of life – and he will deny any requests from the bank for Time Deposit Open Account money now or in future.

The Time Deposit Open Account program, which is operated by the state treasurer's office, places state funds into financial institutions throughout Wyoming, allowing those institutions to use the money for loans to their customers.

Gordon said over the course of the program, Bank of the West has received $63 million in the time deposit monies. He said if Bank of the West doesn't support Wyoming, Wyoming economy and the working families, then he doesn't support them.

He said his next step will be to ask his colleagues on the state Board of Deposits to review Bank of the West's status as a public depository for the state of Wyoming.

Gordon said he will work collaboratively with the state Board of Deposits and state and local government institutions currently using Bank of the West accounts and pledged to work with individual communities in moving their funds out of Bank of the West.

San Francisco-based Bank of the West announced earlier this week that it would no longer fund companies involved in exploration, production and distribution of coal, oil and natural gas. The bank's more than 600 locations across the country include several Wyoming communities, including Sheridan, Casper, Cheyenne, Laramie, Riverton, Kemmerer, Meeteetse, Gillette and Lander.

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