BOH MANAGER CLARIFIES ORIGINAL STATEMENT
In yesterday’s front page story, headlined: “Local Manager says BoH doesn’t charge more in Am. Samoa” has a paragraph dealing with the interest rate for commercial loans and the reply from BoH district manager American Samoa, Hobbs Lowson.
In the story, Samoa News reported, that asked about the current interest rate for BoH commercial loans in American Samoa, compared to interest rates for the same loans in place such as Hawai’i, Guam and Saipan, Lowson told Samoa News on Monday, “I would also point out that Bank of Hawaii does not charge more in the American Samoa market despite the increased costs of doing business here.”
Lowson, yesterday, offered a clarification of his remarks about the BOH interest rates to clarify this issue and to ensure that there is no misunderstanding in the community or with Samoa News readers:
“Bank of Hawaii in American Samoa charges the same interest rates on small business and commercial loans that it does in the State of Hawaii, Guam and Saipan,” he said.
However, he added, “The interest rate on fixed rate, unsecured, consumer loans is generally higher at 13.5% fixed vs. 7.00% to 14.5% fixed in Hawaii, Guam and Saipan.
“This is because all loans originating from American Samoa have to be manually reviewed and decisioned in Hawaii,” he explained.
He noted that all deposit interest rates and fees are in line with the same in the other markets.