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.