The Governor’s Office has now delivered to the Fono draft legislation for confirmation of members of the Territorial Bank of American Samoa Board of Directors.
A cover letter from Governor Lolo to House Speaker Savali Talavou Ale and Senate President Gaoteote Palaie says as per his duty to appoint the Board of Directors of the recently established Territorial Bank of American Samoa, he’s submitting the names of seven directors of the bank for confirmation.
The seven nominees and their terms of office are Papalii Laulii Alofa and Salaia Gabbard-four year terms, Steve Watson, Alo Dr. Paul Stevenson and Ruth Matagi Faatili-three years, and Keniseli Lafaele and Utu Abe Malae- two years.
Governor Lolo says he’s confident this team can bring the Territorial Bank of American Samoa from its infancy to a successful operating community bank.
He said the team members bring a blend of public and private sector experience in American Samoa.
Here’s what Governor Lolo had to say about the nominees: Lafaele, Director of Commerce has over 30 years of finance experience in both the private and public section, Utu Abe Malae, Executive Director of the American Samoa Power Authority, has years of successful management experience with this multi disciplinary public utility, Watson, the governor’s legal counsel spent 20 years in senior management roles at Amerika Samoa Bank, with a wholly owned subsidiary of the ANZ Bank, Alo Stevenson is a successful local businessman with almost 20 years on the boards of America Samoa Bank and the Advisory Board to ANZ subsidiary bank, Matagi Faatili, President of the Development Bank of American Samoa has years of experience in consumer mortgage lending, Salaia Gabbard had 13 years experience in a senior regional position with Citibank and over ten years of experience in credit and operational roles at ANZ Bank, and Papalii Alofa is a successful local businessman whose company Paramount Builders is the largest locally owned construction company and a member of the Board of Manumalo Baptist School.
Utu, Watson and Lafaele are all directors of the American Samoa Economic Development Authority which sold the bonds and raised $78 million to fund the bank and various other projects.
The Office of Financial Institution, headed by Treasurer Ueligitone Tonumaipe’a is the regulating agency for the TBAS, the local commercial banks, DBAS and money transfer/exchange businesses in American Samoa.
Among its duties, the TBAS board is responsible for appointing the Chief Executive Officer of the Territorial Bank of American Samoa.
