The Land Bank of Taiwan, which has been through a number of financial reforms in the last few years, was chosen as research object for this study. First, it was promoted from provincial bank to state-operated bank due to the governmental organizational reform, and then was prepared to transfer its ownership from a state-owned bank to a privately owned one. However, due to recent financial crisis, the privatization process was forced to stop. This research used three different qualitative methods, including participant observation, in-depth interviews, and focused group interview, for triangulation in order to obtain objectivity. Through the three unique qualitative methods, the researcher was able to collect valuable qualitative data from a wide variety of different dimensions such as bank managers, bank employees and customers. Major research findings include the followings. First, state owned banking system is proved to be capable of stabilizing financial unrest in this global financial turmoil and local credit card debt issues. Second, state owned banks provide better protection over their employees and customers than their privately owned counterparts. Third, the overall performance of stat owned banking system is shown to outperform those privately owned ones. To conclude, some suggestions and policy implications are raised based upon the research findings.