31 May 2013

Development Bank of American Samoa records loss

11:35 am on 31 May 2013

The Development Bank of American Samoa has recorded a combined operating loss of four million US dollars in the past four fiscal years.

The audited financial statements for the bank for 2012 by RC Holinger Associates show the bank lost money in fiscal years 2009, 2011 and 2012, while earning a small profit in 2010.

According to the independent audit for 2012, the Development Bank took in revenue of about two million dollars but had expenses of over three millon, leading to a one million-dollar operating loss.

The biggest loss in the past four years was in 2009, when the bank had a 2.1 million dollars worth of operating loss.