"State Banks" not owned by the public.
While the Bank of North Dakota is a Public Bank, the Bank of New York Mellon, the Nevada State Bank and Bank of America are privately owned.
That is not to say that private ownership of banks is a bad thing, but it's certainly confusing...
If you Wikipedia "Bank of New York", we find that Alexander Hamilton was the primary founder of note, and it's a bank of
Type: Public. Which means it's a Private Bank - of course.
Yes, the same Hamilton of the musical that has received critical acclaim on and off Broadway for incorporating color-conscious casting of non-white actors as the Founding Fathers.
So often villainized, it will be interesting to see Hamilton vaudevillian-ized.
The initial plan was to capitalize the company with $750,000, a third in cash and the rest in mortgages, but after this was disputed the first offering was to capitalize it with $500,000 in gold or silver. When the bank opened on June 9, 1784, the full $500,000 had not been raised; 723 shares had been sold, held by 192 people. Aaron Burr had three of them, and Hamilton had one and a half shares.
The bank provided the United States government its first loan in 1789. The loan was orchestrated by Hamilton, then Secretary of the Treasury, and it paid the salaries of United States Congress members and President George Washington.
Hamilton loved his monopoly and opposed it's end in 1799 when Aaron Burr opened the Bank of the Manhattan Company.
In 2006, the Bank of New York traded its retail banking and regional middle-market businesses for J.P. Morgan Chase's corporate trust assets. The deal signaled the bank's exit from retail banking.
Retail banking, or "personal banking", is banking that provides financial services to the general public.
So, it's not public in the sense that the public owns it, or in the sense that the public can use it...
On December 4, 2006, the Bank of New York and Mellon Financial Corporation announced they would merge. The merger created the world's largest securities servicing company and one of the largest asset management firms by combining Mellon’s wealth-management business and the Bank of New York’s asset-servicing and short-term-lending specialties. The companies anticipated saving about $700 million in costs and cutting around 3,900 jobs, mostly by attrition.
Working back to that monopoly status!
In October 2008, the U.S. Treasury named BNY Mellon the master custodian of the Troubled Asset Relief Program (TARP) bailout fund during the financial crisis of 2007 to 2010.
A program which gave them a $3 Billion loan in addition to fees and interest on the holding.
In November 2008, the company announced that it would lay-off 1,800 employees, or 4 percent of its global workforce, due to the financial crisis.
I don't think it could be argued that it is "public" in the sense that it has public interests in mind or is good for the public - as a truly Public Bank would be!
Again, I am certainly not saying we should nationalize private banks or do anything to actively hurt private banks - I just want to see Public Banks hold Public Money.