The Chief Executive Officer of the Territorial Bank of American Samoa, Mr. Phil Ware, asks that the community not expect the bank to offer full service banking when it opens its doors today.
He assures that over time TBAS will deliver banking services that the territory needs and deserves.
Mr. Ware was in retirement after more than 40 years as a banker when he came to learn of the move by the American Samoa Government to set up a bank.
About 30 years ago Ware had worked in New Zealand and came to know the Samoan community.
He admits he has a soft spot for Samoans.
For TBAS he says after assessing the situation that the territory was in, he was convinced that the charter bank idea was the logical way forward.
Ware assures that the bank will be competitive and also responsive to the needs of the local community.
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The bank has a staff of 16 and assisting Ware is another banking executive from the US, Brent Schuldberg, the Chief Financial Officer.
Ware said that the bank will follow federal and local banking regulations and this is a must as TBAS hopes to acquire FDIC coverage.
The CEO is fully aware that there s a big need for loans. but loan services will only be offered when the bank is ready and able to.
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Ware praised the bank staff and credited Operations Manager Makerita Polu saying the team she has been able to put together can match any in the US.
The Territorial Bank of American Samoa will be dedicated at a 10 am ceremony and will be opened to the public at noon.
