The Development Bank of American Samoa is to be rebuilt at the site of its former building that was destroyed during the September 2009 tsunami.
The new bank will be a two story structure designed by a local architect, Joe Weileman and will be built by Paramount builders.
The contract is worth 2.6 million US dollars and is expected to be completed by August next year.
The project will be partially funded by the Federal Emergency Management Agency.
The American Samoa Governor Togiola Tulafono says the Development Bank has never had it easy and funding has always been a challenge.
But Togiola says the bank's loan portfolio has increased 200 percent.