Two representatives of Zions Bank of Utah were in the territory last week to make preparations for the transitioning of ASG bank accounts from Bank of Hawaii to Zions.
During a House of Representatives hearing last month, Commissioner of the Office of Financial Institutions Robert Ho Chee explained that Zions Bank has agreed to be the corresponding bank for the Territorial Bank of American Samoa.
While TBAS has a few steps to becoming a fully fledged bank all ASG accounts, both local and federal, will be moved from BOH to Zions Bank.
The two representatives from Zions who were here last week met with the American Samoa Economic Development Authority, TBAS and also all government agencies to explain the transition process.
All local and federal accounts for ASG will be moved from BOH to Zions.
Commercial customers will also have the choice of transitioning their accounts to Zions or elect to remain with BOH via Honolulu.
A member of the ASEDA Board Rep Sam Meleisea said the current time line for Bank of Hawaii to depart is within six months.
After Bank of Hawaii gives notice of intent to withdraw to ASG, a 90 day period will follow before BOH brings its local operations to a close.
