Sunday, March 10, 2013
FACE keynote address on closing of Bank of Hawaii branches in American Samoa (audio)
by Larry Geller
The Bank of Hawaii announced in November that it will close its branches in American Samoa after serving the territory for 40 years. One branch will close at the end of this week, and after a 90-day extension granted by BOH, the other will close on June 14.
BOH is currently the only full-service, FDIC-insured provider in the territory. The bank not only facilitates commerce, but residents of Hawaii and elsewhere, as well as military servicemen, use BOH accounts to send remittances home. UH students ask parents to deposit money for their expenses in Hawaii.
Without BOH or a successor, none of that will be possible.
A hearing has been scheduled by the Federal Reserve Bank of San Francisco for 10:00 a.m. Tuesday, March 12, 2013 at the Hilton Hawaiian Village, Tapa III Room, Tapa Tower. In an address to the 3rd Equity Summit of FACE (Faith Action for Community Equity) held yesterday at the University of Hawaii, Eni Faleomavaega, American Samoa’s US Congressman, urged supporters to attend the hearing in person (it is already too late to submit comments to the Federal Reserve). FACE advocates also asked those concerned to call Bank of Hawaii CEO Peter Ho at 694-8317 and leave a message asking him to give the territory more time to find another bank to replace BOH.
Below is the audio of yesterday’s keynote address, enhanced for clarity. The first speaker is Congressman Eni Faleomavaega, followed by Governor Lolo Matalasi Moliga.
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