20 Oct 2014

Governor pursues charter bank for American Samoa

12:15 pm on 20 October 2014

American Samoa's governor Lolo Moliga is said to be aggressively pursuing the establishment of a charter bank for the territory.

A spokesperson for the governor says the charter bank would address the void created by the curtailment of many of the commercial activities provided by the Bank of Hawaii in the past.

Lulogologo Joseph Pereira says the Community Bank of American Samoa's situation is uncertain and hopes the bank will make a breakthrough with its Federal Deposit Insurance Corporation application is no longer feasible.

At a meeting with the board of the American Samoa Economic Development Authority last week, the governor said funding for the charter bank needs to be vigorously pursued and must be made a priority.

The goal is to secure $10 million with a bond float for the charter bank.