7 Mar 2013

US Reserve Bank to hears American Samoa's banking woes

2:36 pm on 7 March 2013

The US Federal Reserve Bank of San Francisco is to hold simultaneous public meetings in Honolulu and American Samoa over the planned closure by Bank of Hawai'i of its two branches in American Samoa.

The federal regulator says the meeting set for next week is in response to public comments it has received regarding Bank of Hawaii's planned closure of its branch offices.

The Federal Reserve made clear that the decision to close the branches is not one that requires regulatory approval.

The agency says the meeting will focus on the Federal Reserve's sole role of facilitating a discussion exploring options for banking services in American Samoa.

On Wednesday, the governor Lolo Matalasi Moliga announced that he was informed by Bank of Hawai'i that it has delayed its planned closure by 90 days.