10 Dec 2014

Hope for speedy approval of charter bank for American Samoa

11:54 am on 10 December 2014

The American Samoa governor is hopeful that the Fono will quickly approve legislation authorizing the establishment of a charter bank for American Samoa.

Governor Lolo Moliga says the legislation will be submitted to the Fono in January.

The Bank of Hawaii the only US commercial bank in the territory and is waiting until another bank is set up before it withdraws from the territory,

The only other bank is ANZ.

Governor Lolo says Utah-based Zions Bank has agreed to be the corresponding bank for the charter bank and is also giving full support to helping American Samoa get the bank off the ground.

The governor said the administration had given its support to the Community Bank of American Samoa but he doesnt believe those spearheading the Community Bank are likely to get approval from the Federal Deposit Insurance Corporation any time soon.