The unaudited financial statements of the Territorial Bank of American Samoa for fiscal years 2022 and 2023 show the bank in a strong financial position.
That’s according to a statement by Acting President and CEO of TBAS Owen Peery, but he qualified that the bank’s financial statements need to be audited to verify the accuracy of the unaudited statements. According to Peery, FY2023 shows a surplus for TBAS.
Peery and Director of the Office of Financial Institutions Tuasivi John Marsh appeared before the House Commerce & Economic Development Committee this morning, to give an update on TBAS since former President and CEO Dave Buehler vacated the position. 
Peery told the Committee that the bank has transitioned to a new auditor, as their former auditor would not agree to performing a parallel audit of both fiscal years 2022 and 2023.
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Peery and Marsh said TBAS was sufficiently capitalized. The bank’s deposits totaled $283 million. The loan portfolio is about $30 million.
Subjects covered in the hearing were fees, the long lines at the bank, TBAS services in Manu’a, the Line of Credit for businesses that was funded by ARPA, and the current role of the former president and CEO Buehler.
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Marsh said since Peery took over the helm there’s been good communication between OFI and the bank, more so than before. The OFI Commissioner emphasized the need for the Fono to provide oversight over the TBAS Board as much as it does the bank’s management. He referred to the reappointment of TBAS Board members.
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Governor Lemanu has reappointed for new terms as TBAS Board members, Leilua Stevenson and Ruth Matagi; and a new member, Maae Bob Tuiasosopo.
