6 Mar 2013

American Samoa told Bank of Hawaii leaving is done deal

11:33 am on 6 March 2013

The head of the Bank of Hawaii Corporation has told Governor Lolo Matalasi Moliga that the bank's closure in American Samoa is a done deal.

The governor revealed that BOH chairman, president and CEO Peter Ho made this clear when they met that the bank will not reconsider its departure date of March 15.

Lolo said he left the meeting utterly discouraged over the nonchalant attitude and matter of fact manner within which the issue is treated by Bank of Hawaii.

Lolo says in a letter to Congressman Faleomavaega Eni Hunkin it was quite clear that American Samoa's interest and the future of the territory was of no concern to the Bank of Hawaii, rather it was more worried about its bottom line.

The governor found BOH's attitude rather disconcerting because he felt that after 43 years of profitable existence in American Samoa, there was no apparent sense of moral responsibility for the welfare of the people from whom it derived its financial prosperity.

Lolo said he hopes the congressman's letter to the Federal Reserve Board will prompt some actions relating to BOH's departure.

Faleomavaega has asked the Federal Reserve Board compliance examiner to look into whether BOH has met notification requirements for its pullout from the local market.