2 Mar 2013

American Samoa asks US Federal Reserve for help in banking sector

6:29 am on 2 March 2013

American Samoa has asked the US Federal Reserve to help with the territory's banking needs when the Bank of Hawaii closes its American Samoan branches in two weeks.

The acting Governor, Lemanu Peleti Mauga, has asked the Federal Reserve's board to convene a meeting with the territorial Government, federal agencies and community leaders to look at the banking situation in the territory.

He has also suggested that the Bank of Hawaii continue to operate for another year to give the territory enough time to find another financial institution.

Lemanu has asked the Federal Reserve to explore the feasibility of other services for the territory, which could involve establishing a new branch of another bank, the chartering of a new bank, or the establishment of a community development credit union.