19 Feb 2015

Plans for bank in American Samoa dropped

9:27 am on 19 February 2015

The group of business people and residents trying to set up a commercial bank in American Samoa will now not go ahead with the plan.

Chairman of the board for the Community Bank, Avamua Dave Haleck, says the Fono has approved the charter bank legislation, the government bank, which will most likely occupy the old Bank of Hawaii premises at Utulei and Tafuna.

He says the old Bank of Hawaii facilities had been promised to their proposed Bank.

He says without these facilities to operate from, it will be unlikely the Community Bank can move forward with their plan at this time.

Government officials say the Territorial Bank of American Samoa would first open in Tafuna, then later in Utulei.

Avamua had written to the Governor last month suggesting the government join forces with Community Bank to set up a bank that would address the banking void after the Bank of Hawaii leaves.

Avamua added it appears the charter bank legislation will be signed into law, and then the process to set up will begin.