28 Mar 2014

Zions Bank assures American Samoa it's financially stable

9:42 am on 28 March 2014

The U.S. based Zions Bank has assured American Samoa that it is financially stable with combined total assets exceeding 55 billion US dollars.

Zions Bank has taken over the processing of the American Samoa government's multi million dollar payroll as well as other government bank accounts.

The banks assurance comes after the Federal Reserve announced last week that Zions Bank is the only one of the top 30 banks in the U.S. that has failed a hypothetical severely adverse economic stress test.

This means Zions didn't meet minimum standards for financial capital levels set by the Federal Reserve in the event of a major economic meltdown.

American Samoa's Treasurer, Dr Falema'o Pili, says the outcome of the stress test should not be a concern, and he is confident that the Zions' executives will have it resolved shortly.

Zions Bank executive Richard James assured American Samoa that Zions is financially solid and that Zions had experienced consistent success at taking measures to strengthen the company's capital and reduce risk.