MONTPELIER (AP) - The majority of communities asked to support the creation of a public bank in Vermont have approved the measure at Town Meeting.

Supporters argue that instead of keeping its money on large global banking institutions, the state could save money, create jobs and eventually generate revenue by creating a state bank.

The proposal would turn the Vermont Economic Development Authority, a nonprofit agency that makes loans, into a bank. A bill pending in the Legislature would put 10 percent of the state's funds into it.

Vermont Public Radio reports according to unofficial results, towns that approved the resolution include: Bakersfield, Craftsbury, Enosburg, Marshfield, Montgomery, Montpelier Plainfield, Putney, Randolph, Rochester, Royalton, Ryegate, Tunbridge, Warren, and Waitsfield.

Four towns voted down the measure: Marlboro, Barnet and Fayston and Greensboro.


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