The Authority Bank of Commerce
|“ Your Banking Authority ”|
(Commerce Bank Motto)
The Authority Bank of Commerce ("ABC" or "Bank of Commerce") was a financial institution based out of USA and specialized in loans, trade agreements, and accounting. It also was one of very few account-holding institutions which serviced the customer in holding interest-gaining savings accounts.
Formation and History
Tennessee Valley Authority Expands
The Tennessee Valley Authority Group (TVA Group) was in need of expansion and needed a financial institution of its own. Refusing to bank with already-established "big banks" such as Capital Bank of America, TVA announced on Day 500 of the New World that it would be launching a new institution to service its interests and act as a checking account.
Expansion of the Bank of Commerce
Just four days into the infant life of the Bank of Commerce, it was announced that major changes were going to happen as outlined by then-acting CFO of TVA:
|“ This will allow us to not only handle the monetary accounts of [Tennessee] Valley Authority, but it also will allow us to open the door to those which want loan and banking services. ”|
On Day 504 of the New World, Bank of Commerce was expanded by a majority resolution within TVA to expand its services and turn it into a subsidy of its own with few dependencies of its mother organization. Along with this were two new services: Authority Checking and Banking, and The Commerce Expansion Program. Later, another program would be released where Bank of Commerce offered to mediate under-the-table transactions between two trading parties.
On Day 510 of the New World, ABC would become a public-servicing institution.
Opening its Doors
Following many attempts to get the "framework" done, the Bank of Commerce was finally lodged to open officially on Day 552 of the New World, or the 15th of May, 2009. A true Party Presidential election surprise as many were waiting at the doors of the bank to set up their accounts, take out loans, and ask about the many other offered services.
The staff was: