A local American Samoa businessman says a credit union will be the best long term solution when the Bank of Hawaii pulls out of the territory.
Mike McDonald is working with the non profit organisation from California, Community Investment Corporation, to set set up a credit union.
Mr McDonald, who is vice president of operations for the corporation, says requirements for a credit union are not as stringent as that of a bank, allowing for a much easier set up.
"Everyone who has an account with a credit union, no matter how small his or her holdings are, has a voting share in the credit union affair. This ensures that the organisation's policies match up with what members really want. Second, the credit unions are non-profit organisations and provide services tailored to the people using them."
Mike McDonald says the Community Investment Corporation is finalising a contract for the purchase of several banking-related services including safes and cash cards.
