9 Feb 2015

Bill passes for charter bank in American Samoa

3:12 pm on 9 February 2015

A bill to establish a charter bank, the Territorial Bank of American Samoa, has passed its final reading in the House of Representatives.

American Samoa Governor Lolo Moliga.

American Samoa Governor Lolo Moliga. Photo: RNZI Monica Miller

The vote was 16 to 1.

The Chairman of the House Commerce Committee, which had reviewed the bill, Tuala-uta representative Larry Sanitoa cast the dissenting vote, saying a more thorough review of the bill was needed.

The seed money of $US10 million for the bank is to be financed with a bond float.

Governor Lolo Moliga is hopeful that the bank will be up and running by June.

The Bank of Hawaii is waiting until there's another bank before it leaves the territory.

The only other bank in the territory is the ANZ bank.