7 Mar 2013

Bank of Hawai'i now delays full shutdown in American Samoa

5:27 am on 7 March 2013

The Bank of Hawai'i has delayed the full shutdown of its operations in American Samoa.

The territory's governor Lolo Matalasi Moliga says that he was informed in a phone call by the bank's president and CEO, Peter Ho, that the closure has been delayed for an additional 90 days.

Lolo expressed appreciation to the bank's board for demonstrating sensitivity to his plea for help to avert economic calamity by delaying the closure, originally planned for next week.

The Territory is seeking more time to engage a replacement bank or pursue other options to fill the vast banking void that is expected to materialise after the Bank of Hawaii's departure.

While the approved extension falls short of the 12 months sought, Lolo says he is very grateful for the Bank's decision.

Mr Ho has assigned the Bank of Hawaii's physical assets in American Samoa to the territorial government to help expedite efforts to find a replacement bank.