The Bank of Hawaii is transitioning out of the Centennial Building in Utulei to make way for the Territorial Bank of American Samoa (TBAS).
According to the chairman of the Retirement Fund Board, Vaanatiu Toafala Iafeta BOH has begun clearing out of the premises and plans to start setting up at their Tafuna Branch by next month.
The Retirement Fund owns the Centennial Building.
BOH is leaving behind its banking infrastructure, equipment and furniture for TBAS to use.
According to the board chairman, the same lease terms that BOH had for the Centennial Building will be extended to the government bank.
TBAS has essentially taken over the BOH lease of the Centennial Building.
The new bank will be paying rent of $21,000 per month to the Retirement Fund, said Vaanatiu.
KHJ News understands that the General Manager for TBAS has been picked and he recently visited the territory. He is from Utah.
Government officials have said that the opening of the government bank is targeted for September.
