CBAS (IO) picks up more potential investors

Appoints group to guide bank through on-going formation

Renato Curto, the chief executive officer and majority shareholder of Tri Marine Group -  the U.S. based company looking at setting up a cannery in American Samoa next year under its local subsidiary Samoa Tuna Processors Inc. — has joined other local and off-island potential investors pledging their support of the locally based Community Bank of Amerika Samoa (IO).
In a media statement yesterday, Community Bank (IO) said it continues to work with local supporters, ASG officials and federal regulators in its efforts to open a local bank. And more than 50 potential investors have signed Letters of Intent, totaling $7.6 million in potential investment.
Among the potential investors is Curto, who recently signed a $500,000 Letter of Intent.
In making the pledge, Curto said, “the (economic) future of the territory largely depends on the willingness and the ability of private investors to undertake projects that are clearly instrumental in the creation of the necessary infrastructure and in the generation of permanent jobs.”
“We, at Tri Marine, firmly believe that we can contribute substantially to the process, and we are committed to do what we can to establish a solid business that has long term objectives and goals,” he said in a media statement.
It also says that a group of nine Organizing Directors was recently appointed to guide the bank through the on-going formation and regulatory process.
The group includes Dave Haleck, Marshall Ashley, CEO-designee Gary Ayre, Lewis Wolman, Brett Butler, Peter Reid III, Ike Scanlan, Solip Hong and Leilua Stevenson. Dave Haleck was elected chairman of the group.
Community Bank (IO) is looking at next year to open its doors if all local and federal approvals are received. The Lolo Administration is hoping that the bank will be in operation by mid March 2014 when Bank of Hawai’i is slated to close its remaining branch in the territory.


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