15 Aug 2006

Bank of Saipan receivership ends

10:50 am on 15 August 2006

The Superior Court in Northern Marianas has terminated the Bank of Saipan's receivership status.

Associate Judge Juan T. Lizama issued a written order to end the bank's receivership last Friday.

The judge directed the bank to proceed with its management according to the terms of its court-approved rehabilitation plan.

Judge Lizama says anyone who feels they have suffered harm from any failure of the bank to comply with the order may get a court order of contempt.

The parties involved in the receivership agreed in June 2006 that the bank is now financially sound and that receivership proceedings should be terminated.

The Bank of Saipan was first placed in receivership four years ago.