Criticism mounts for Bank of the West

The Sweetwater County Commissioners aren’t the only ones upset with Bank of the West’s announcement to not fund certain oil-and-gas industry businesses.

U.S. Sen. John Barrasso and Wyoming Treasurer Mark Gordon have added pressure on the bank over its corporate announcement.

The two, along with the county commissioners, considered the bank’s corporate stance of not doing business with companies engaged in drilling shale for oil and gas, or mining or burning coal in power plants. The bank will continue to work with oil, gas and coal companies only if they’re showing an active commitment to moving toward greener energy sources.

Last week, Barrasso released a statement condemning Bank of the West’s stance and sent a letter to the bank’s corporate office in San Francisco. In his letter, Barrasso calls the bank’s stance “misguided and politically expedient,” describing it as an attack on families in Wyoming and across the U.S. who depend on the energy industry.

“While it may be fashionable today in San Francisco to exclude states like Wyoming from your lending plans, it will do little to discourage us from pursuing our best future on our terms,” Barrasso wrote.

Barrasso’s letter states fossil fuels are essential to the livelihoods of many people in Wyoming, including those served by the bank’s 23 branches in the state.

“Your plan to isolate and exclude fossil-fuel producers and the families that depend on them from your bank’s future business plans is a regretful mistake,” Barrasso wrote.

Wyoming Treasurer Mark Gordon also voiced displeasure with the bank and its stance on oil-and-gas producing industries. Gordon announced last week that he intends to deny the bank if it applies for the next round of Time Deposit Open Account money.

The TDOA program, according to a press release from Gordon’s office, places state funds into financial institutions throughout the state, which allows those institutions to use the money for loans to their customers. Bank of the West has applied for and received $63 million in TDOA money throughout the life of the program. The next round of TDOA 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,” Gordon said in the media release. “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 said he would work corroboratively with the State Board of Deposits, as well as state and local entities using Bank of the West accounts to ensure a responsible review of the bank’s status. He also said he understands challenges involved with some entities switching banks in the middle of the fiscal year, but pledges to work with communities through any transitions.