The board of the Territorial Bank of American Samoa has assured the public that the bank will be insured for any failures or crimes.
Opponents of the bank said due diligence was not carried out in the creation of the bank and a lack of insurance means it is at risk of financial strife.
The board of the government bank testified before a Senate committee regarding a lack of coverage from the US Federal Deposit Insurance Corporation.
Board member Steve Watson said the bank would have other coverage.
He said the FIDC only insured values up to $US250,000 dollars in the event of a bank failure.
Mr Watson said the bank would have other insurance against property laws, liability, theft, fraud and any lawsuits it suffers.
Board Chair Utu Abe Malae said the bank would operate as if it was under FDIC coverage and aim to obtain membership within two years.
The bank will officially launch on Monday, with the board saying 400 accounts have already been opened.
The bank will issue 'faalavelave' or gift-giving loans worth up to 2,500 dollars a month after opening.