When nominees for the Board of Directors for the Territorial Bank of American Samoa appeared for confirmation hearings Friday before the Senate Budget and Appropriations Committee, efforts to privatize the government bank were revealed.
The governor’s chief counsel and member of the Board, Steve Watson, said they are working towards the goal of turning the bank over to private ownership.
And private investors who were trying to establish the Community Bank of American Samoa are included in the privatization discussions.
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Watson told the hearing that private ownership would enable the bank to receive approval from the FDIC.
He said the bank was making much progress and their intention is to become a full service bank.
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In 2018, the bank issued $1.1 million in unsecured loans and $321,120 in secured loans. Commercial loans totaled $36,667.
Purchased auto loans came to $3.4 million and other purchased loans amounted to $6,038,896.
Investments totaled $9.7 million.
The bank’s balance sheet obtained by KHJ News showed that as of October 31, 2018, TBAS has lost $3.7 million since it started in 2016.
