A member of the Board of Directors of the Territorial Bank of American Samoa finds offensive correlations made by some between the government bank and the forced closure of the Federal Credit Union of American Samoa.
Steve Watson, the governor’s chief counsel and member of the American Samoa Economic Development Authority Board, said at a press conference Saturday he’s tired of hearing people criticizing the government bank based on what happened to the credit union.
He said the reason why the credit union failed was because it made a lot of bad loans then management tried to cover them up in front of the regulator.
Play Audio
