City pension funds invested nearly $2 million in First Republic and Signature Banks – losing all the pieces when each banks collapsed this 12 months.
The losses were included in recent data The Post obtained from town’s comptroller’s office at the request of the Freedom of Information Act.
Although the federal bailout saved bank depositors, town’s pension money was invested in bank stocks and bonds.
“The general loss is negligible given the day by day market movements of our $240 billion pension funds,” said Chloe Chik, a spokeswoman for Comptroller Brad Lander.
All five municipal pension funds were affected by bank failures.
The most important losers were city teachers who lost $799,792. They were followed by the police, which lost $455,934, and the New York Employees’ Pension Scheme, which lost $439,204.
Fire Pensions lost $177,213, while town’s Board of Education Retirement system had the least exposure with just $62,521.
The losses add to the greater than $30 million in city pensions that fell after the collapse of Silicon Vally Bank.
Each Lander and SVB have been advocates of environmental, social and governance investments, which aim to take a position in firms that support progressive political goals – and never solely focused on return on investment.