Zions Bank discusses relationship with Community Bank of Amerika Samoa (IO)
The type of services the U.S. based Zions Bank can offer to local merchants and their developing relationship with the Community Bank of Amerika Samoa (IO) were issues raised by Zions’ two executives, who first met with the news media yesterday, followed by a briefing of the private sector.
Zions Bank’s executives who arrived last Friday morning are Jacob Heugly, executive vice president of corporate services and John Richards, director of Zions treasury management. The pair left last night following many meetings on island.
During the news conference yesterday, Heugly provided information on services the bank will be providing for the American Samoa Government. (See separate story).
Zions Bank also offers “correspondent service” or correspondent bank services “and I know that the Community Bank (IO) is looking at services that we offer,” he said.
“If the Community Bank becomes a chartered organization, we would assess them like any other community bank and if they qualify for the services that we would offer, we appreciate it,” he said. Heugly noted “we would wait until after they receive their charter, then we will continue to dialogue further” on the types of service that can be offered.
Community Bank plans to file this month with the U.S. Federal Deposit Insurance Corporation (FDIC) an application for a chartered U.S. bank. Community Bank officials met extensively over the weekend with Zions Bank officials.
During the news conference, Heugly was asked what banking services Zions can provide for local merchants.
“Each merchant is evaluated on a case-by-case basis,” was Heugly’s reply. He said that as the bank goes through the compliance and approval process,“we will go thru with our risk management compliance because banks are regulated” as are the types of services they can provide to businesses.
“So we will take them on a case-by case basis. But typically, Zions specializes in small to middle market types of customers,” he said, adding that businesses in the territory are the same types of customers that Zions Bank serves in the U.S.
Asked if Zions will offer VISA and Master Card credit-card processing services for local merchants, Heugly said Zions current two credit card processors “have not given us authorization” to offer this service in American Samoa.
However, he said, Zions has not yet had a chance to evaluate other processors that could come into the territory and partner with Zions Bank for this service.
Asked about personal electronic banking with Zions, Huegly said ebanking for personal accounts “is something that we have not had a chance” to review yet and this is something that he will look into and communicate that information back to ASG.
In tomorrow’s edition, Samoa News will cover the Zions Bank meeting with the private sector that was arranged by ASG Treasury Department.
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