Utu Abe Malae bids good-bye to DBAS by Fili Sagapolutele Samoa News Correspondent Outgoing president of the Development Bank of American Samoa, Utu Abe Malae, says what he will miss most at the government-owned entity are the bank staff. July 3 was Utu's last day as president for the post he has held since 2004. He resigned in late May because he is a candidate in this year's governor's race along with running mate Nua Mailo Saoluaga. DBAS chairman Sen. Liufau Sonoma, on behalf of the board of directors, has announced that Jason Betham is assuming the helm as Acting President of DBAS, which the bank searches for a new president. Betham is currently heading the DBAS' Credit Department and was formerly employed at ANZ Amerika Samoa Bank. "Jason has excellent credentials for this position," said Utu. Asked what he will miss most at the bank, Utu said "working with employees." "In addition, the working relationship with the board has been very positive," he said. "The board approved and followed policy manuals that ranged from a Code of Ethics to simplified Procurement Rules." Besides Liufau, the other board members are Rep. Gaoteote Palaie, Malemo L. Tausaga (vice chair), Taulapapa W. Sword, Taiulagi Asuega Mauga, Fiapa'ipa'i Fruean and Samana Semo Ve'ave'a Jr. Asked what are some issues he believes DBAS should address in moving forward, Utu says: increasing the size of the loan portfolios; obtaining additional capital to make loans for small businesses and home improvements; promoting energy efficient installations and alternative energy sources in homes and businesses; and promoting entrepreneurship using the bank as a portal for local businesses to the outside world. Utu said there is also an excellent program in the works at the Governor's Office headed by Pat Galeai, called the Low Income Housing Tax Credit program. "The bank can be the vehicle for this program which has the potential of making huge improvements in the housing stock of the Territory," he explained. "To launch this program properly Governor Togiola Tulafono has asked the Department of Interior to fund the planning stage." Togiola announced in May that American Samoa is accepted under this federal program, which provides tax credit to companies to build rental homes for low income families. Togiola said this program will be carried out by DBAS, which has been designated as the territory's "housing authority," a requirement for the housing tax credit law. Utu said that the housing stock of the Territory needs major improvement. "A driving force in this area has been the VA Loan Programs for returning military men and women, the HUD home loans programs and the direct home repair loans of the bank," he added. He adds that despite all the technical and organizational improvements, "the bank leaders must not lose track of the importance of service to the community." "Trust between board members is an absolute must; without that trust, relationships will deteriorate and along with it, employee morale," he continued. "We-board, management and worker-have been fortunate to have enjoyed a solid working relationship over the last four years. He said Togiola has supported the bank's mission of socioeconomic development all that time and he thanked the governor and the board for the opportunity to serve as its president. RAINMAKER HOTEL Asked about the American Samoa Development Corporation (ASDC) Board and ASDC's future, Utu confirmed that the governor's proxy vote to him has been rescinded. "That makes sense since I am resigning from the bank-which owns 80% of the shares of ASDC," he said. "At the next shareholders' meeting in December, the board can be formally reconstituted." The governor votes the bank/ASG shares. Utu is the outgoing vice chair of the board, chaired by Robin Annesley-Dalton. Other board members are Malemo L. Tausaga (treasurer), Paul Solofa (secretary), Cathie Haleck, Tony Brown and Taulapapa William Sword. Utu said it was in 2004 that the minority shareholders complained that their voice was not heard and that was corrected when two minority shareholders were appointed to the board of directors. Representatives of the minority shareholders are Annesley-Dalton and Haleck - whose families own a large share of the minority stock. Asked about the developments to the rest of the ASDC property (Rainmaker Hotel), Utu said, "I am disappointed that we are unable to secure a viable tenant for the rest of the Rainmaker property to match the excellent development of the beach side" by Tom Drabble and Dateline, which is Sadie's by the Sea hotel. "Nonetheless, we have not given up hope for Niu Technology which, although technically in default of the lease, is now in negotiations with another developer who appears to have the wherewithal to make a go of the proposed venture," he said. Reach the reporter at fili@samoanews.com.  © Osini Faleatasi Inc. dba Samoa News reserves all rights.