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Update: Routing # for TBAS clears way for BoH to depart territory

[SN file photo]

In his State of the Territory address yesterday morning during the opening of the third session of the 35th Legislature, Governor Lolo Matalasi Moliga told lawmakers and those in attendance that he is "thrilled and overjoyed that through our collective efforts to expand the services of the Territorial Bank of American Samoa as intended, the routing number and the Federal Reserve Account is moving forward with speed since the receipt of the amendment to our Banking Legislation which you promptly expedited during the Special Session; and we would like to recognize and thank you for your overwhelming support and recognition of the significance of the positive impact of your decision on the future of our territory."

Lolo thanked the TBAS Board bank president Phil Ware, and consultant Drew Roberts "for the work done to comply with all federal regulatory demands facilitating the possible obtainment of our routing number and establishment of TBAS's Federal Reserve Account."

He also expressed gratitude to Peter Ho, chairman and president of Bank of Hawaii "for honoring his commitment to me, and the people of American Samoa, that the Bank of Hawaii will not depart American Samoa's banking market until a satisfactory banking solution is in place."

Lolo continued, "We also owe tremendous gratitude to our friends in the State of Utah, particularly Governor Gary Herbert for his guidance and support throughout the process of fashioning a banking solution and securing our routing number and other banking requirements."

The governor also made mention of the naysayers to the bank, and pointed out that TBAS has now successfully achieved one of its milestones, i.e. its routing number.

Over the weekend the TBAS released the following media release:

The Territorial Bank of American Samoa is pleased to announce that the American Bankers Association has issued a Routing Transit Number to the bank.

Accordingly, the bank is in the process of finalizing relationships with correspondent financial institutions. Once these relationships are in place, TBAS will be able to offer a full suite of products and services to the people of American Samoa. It is anticipated TBAS will have these accounts established within 30 days.

TBAS wishes to thank those who were instrumental in this milestone. It was truly a team effort of many people. We look forward to continuing to serve the people of American Samoa.

(Editor’s note: The press release is signed by Philip H. Ware, the bank’s president.)