West Virginia Treasurer bans 4 more banks from state contracts [Video]

CHARLESTON, W.Va. (WOWK) — Four more banks have been banned from doing business with the State of West Virginia because of their stance on fossil fuels.

Ban supporters say they’re looking after the state’s best interests, but critics call it short-sighted. This is part of an ongoing effort by the state treasurer’s office to level the playing field.

For the past couple of years, the West Virginia Treasurer has stopped giving state business to some of the nation’s largest financial institutions.

That’s because those banks stopped giving loans or making investments in companies that produce coal, oil and natural gas.

The treasurer does not want to reward those banks with state funding, and now four more financial institutions have been added to the list.

They are:

• Citigroup, Inc.
• HSBC Holdings, PLC
• TD Bank, N.A.
• The Northern Trust Company

Critics say these policies could lead to more expensive banking and utility fees for taxpayers, but the treasurer said banks should …