1 Mar 2013

American Samoa governor considers declaring economic emergency

5:13 pm on 1 March 2013

The American Samoa governor is exploring the possibility of declaring that an economic emergency may exist in the territory once the Bank of Hawaii closes in two weeks.

Lolo Matalasi Moliga made the statement following meetings in Utah with banking industry members as well as officials of the U.S. government-owned Federal Reserve Bank.

Lolo says he is contemplating the idea of declaring a state of economic emergency in the territory, given the severe impact on locals caused by the sudden departure of the Bank of Hawai'i from American Samoa.

The Governor also the departure sends a terrible message to potential investors when the only American-owned bank in the territory, one that has been there for almost 40 years, wants to leave.