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Lolo meets with BoH to plead for delay in departure

Bank of Hawai’i has again delayed its departure from American Samoa following a new plea from the territory’s governor Lolo Matalasi Moliga at a meeting this morning, Dec. 9, in Honolulu, according to a media station from Lolo’s Office.


Late last year the Honolulu based financial  institution delayed from March this year to Mar. 14 of 2014 the full closure of its operation in the territory.


The delay was to allow American Samoa time to acquire the services of another U.S. bank, locally based Community Bank of American Samoa currently undergoing federal regulatory approval.


Today, the governor met in Honolulu with the Bank of Hawai’i president and CEO, Peter Ho, where Lolo again made a plea for the bank to extend its departure time beyond March 2014.


Lolo says Ho gave assurance that the bank “will leave only when it is determined that its departure will not cause economic disruption,” for American Samoa.


The governor’s executive assistant, Iulogologo Joseph Pereira said  there is no time line for Bank of Hawaii's departure but it will be determined jointly between Lolo and Mr. Ho when it is assured that the bank’s departure will not cause any economic and financial upheaval for the territory.


More details in tomorrow’s edition.