The Territorial Bank of American Samoa began refereeing small loans for the holidays with a Christmas promotion, which CEO Phil Ware says was very successful.
These loans were unsecured and ranged from $300 to $2,500,
Ware says additional loan programs will be offered in the new year.
TBAS opened for business in late October at the old Bank of Hawaii premises on the ground floor of the Centennial Building.
It is funded with a bond float by the American Samoa Economic Development Authority
The TBAS CEO says the bank is expected to add additional consumer lending programs in the first quarter of 2017.
In addition a commercial line of products is to be introduced as soon as possible. This will include both deposit and loan products.
Asked about the progress of TBAS in the last two months, Ware said the bank has achieved many goals set in the spring.
Deposit and personal loans continue to grow, however no numbers were disclosed.
TBAS is still waiting for a routing number, and according to Ware products and services of TBAS are limited due to the de;au in attaining the number.
He said additional work needs to be done to achieve TBAS goals whether it be routing number, loan portfolios, additional services or product enhancement, he said TBAS will continue to work diligently to achieve its goals as quickly as possible,
For the future, Ware said, “TBAS looks forward to strategically expanding when it is in the correct position to do so.”
“To do otherwise, ” said Ware, “would be a violation of the trust the people of American Samoa have put in the bank.”
At present the TBAS CEO is living in the mainland, where he is currently involved with obtaining additional approvals.
Ware will move to the territory when these are in place.
In the interim he will split his time between the mainland and the territory as necessary.
