16 Dec 2015

NFCU denies American Samoa request to set up branch

9:54 am on 16 December 2015

The Governor's Office in American Samoa has confirmed the administration made a request to the Navy Federal Credit Union to set up a branch in the territory, but the request was denied.

American Samoa Governor Lolo Moliga.

American Samoa Governor Lolo Moliga. Photo: RNZI Monica Miller

A community organisation, 'Do the Right Thing', recently presented a petition with more than 3,000 signatures to the NFCU to extend its services to the territory.

The governor's executive assistant, Iulogologo Joseph Pereira, said Governor Lolo Moliga reached out to the Navy Credit Union to explore investment options and interest to set up presence in American Samoa.

Iulogologo says the economics of such a move is the reason why the request was denied.

However, the governor was assured that if there is a change in the future, the institution will revisit the request.

The Bank of Hawaii gave notice in 2012 that it is leaving American Samoa because its operations there are no longer economial.

It has agreed to delay its departure until another bank is established in the territory. ANZ is the only other commercial bank in American Samoa.