The loan portfolio of the Territorial Bank of American Samoa is currently at about $30 million. This is against deposits of $285 million.
At a hearing with the Acting President and CEO of TBAS, Owen Perry and Commissioner of the Office of Financial Institutions, Tuasivi John Marsh in the House Monday, Rep. Larry Sanitoa asked why the bank isn’t doing more loans to help local businesses.
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Vice Speaker Fetui Fetu and Rep. Luaitaua Gene Pan questioned the bank’s requirement for car loan applicants to put up 10%.
Rep. Luaiataua recalled the bank wasn’t supposed to make any money, but to serve the people.
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