Bank of Hawaii Delays American Samoa Exit

By Chris Cumming December 10, 2013, 10:03 a.m. EST 1 Min Read

Community banking

Bank of Hawaii to Exit American Samoa Market

Bank of Hawaii (BOH) in Honolulu will exit the American Samoa market in the first quarter by closing its two branches in the U.S. territory.

By Jackie Stewart

December 3
Community banking

Bank of Hawaii Delays American Samoa Exit for One Year

Bank of Hawaii (BOH) has agreed to delay its exit from American Samoa for one year to give the territory time to recruit another bank.

By Chris Cumming

March 13
Community banking

The Fight to Bring New Banks to American Samoa

American Samoa has only one bank left after Bank of Hawaii announced it would leave. A group led by Afimutasi Gus Hannemann is working to bring others to the tiny island territory.

By Jackie Stewart

January 10

Bank of Hawaii (BOH) will reportedly delay its exit from American Samoa until the territory can recruit another bank.

The $13.9 billion company, which has twice delayed its planned exit from the territory, is planning to keep a branch open until American Samoa can find a suitable replacement, the Honolulu Star Advertiser reported Monday.

Following appeals from the territory's government, residents and businesses, Bank of Hawaii Chief Executive Peter Ho said that "we will not leave until we are comfortable that the depository needs of the territory can be appropriately accommodated," the report said.

Bank of Hawaii announced that it would close its American Samoa branches last year, but had agreed to keep one branch open through March to allow time for the island to find a replacement. Bank of Hawaii's departure would make ANZ Bank, a unit of Australia and New Zealand Banking Group, the only lender serving the territory.

Ho has said that Bank of Hawaii planned to leave American Samoa because it is geographically isolated from the company's other markets and to increase efficiency, the report said.

Chris Cumming