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BoH has not set a timeframe to officially close yet

Still working with governor for a smooth transition to TBAS
fili@samoanews.com

Although the Territorial Bank of American Samoa is now operational, Bank of Hawaii has not set a timeframe to officially close down its local operations while the Honolulu-based financial institution works with Gov. Lolo Matalasi Moliga for a smooth transition from BoH to TBAS.

During Monday’s dedication ceremony to open TBAS, the governor said BoH’s local services will terminate in 90 days and he is confident that TBAS “will be far along its way to meet the banking needs of our people and our businesses.”

One of the two Samoa News reporters, who attended the ceremony, followed up with a BoH official from Honolulu on when BoH will close local operations. The official said they are looking at Dec. 31.

However, Samoa News received information Wednesday night that BoH has not set a date of when it will close down and that the bank is required to file a 90-day notice of closure with federal regulators.

Responding to Samoa News questions, BoH’s local branch manager E.J Ozu confirmed that “we have not set an official date yet” to close down operations.

“We are currently working with the Governor to ensure a smooth transition that will allow ASG/TBAS and the People of American Samoa the best possible timeframe to achieve success,” Ozu said yesterday.

“We will be following up with the Governor,” he said, adding that he’s sure that there will be an official statement coming out at some point. “We are obligated to give a minimum of 90 days' notice prior to our closure.”

As required by federal law, BoH will not only give notice to federal regulators but the notice will also be published in the newspaper.

At Monday’s TBAS opening, Lolo thanked BoH for gifting all their assets, which include BoH local buildings, equipment, ATM machines, and Bank Manager’s home, etc.

As previously reported by Samoa News, BoH is currently operating from its previous branch at the Tafuna Industrial Park and this facility will be taken over at some time in the future by TBAS as its second branch.

TBAS’ main branch is on the ground floor of the Centennial Building in Utulei. Samoa News has received several off island inquiries from both Samoans and non-Samoans on the type of product the government owned bank offers. Such information including the telephone number can be found on the TBAS website: www.mytbas.com

TBAS have been running advertisements in Samoa News that provide information on its services. See the latest ad printed elsewhere in today’s edition.