The President and CEO of the Territorial Bank of American Samoa, David Buehler, was put in the hot seat yesterday for the bank’s failure to provide mandatory reports on the bank’s condition.
The hearing with Buehler and Commissioner of the Office of Financial Institutions, Tuasivi John Marsh, was in response to concerns of constituents on the condition of the bank after the closure of a number of banks in the United States.
Rep. Larry Sanitoa cited the law, which states that the bank is required to prepare and file annually with the Governor, the Legislature, and the Office of Financial Institutions within 120 days after close of its fiscal year—a report of its condition and the audited financial and profit and loss statement. These reports are also to be made available to the general public.
Sanitoa said the reports are required by law and without them, lawmakers don’t have anything to go on but his statements that the bank is doing well.
Play Audio
Buehler said the audit firm that TBAS was using, Deloitt & Touche, no longer does business here and the bank has had to search for another auditing firm. In addition, the bank’s Chief Financial Officer was absent from work for more than a month due to the passing of a family member.
The bank’s loan portfolio totals $36 million of which $8 million is for off island loans.
Sanitoa asked about the bank’s losses from bad loans to off island customersm under previous management.
Play Audio
