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BoS assures security of bank deposits
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Posted on Apr 29 2002
The $6.6 million fraud case allegedly perpetrated by white-collar professionals against the Bank of Saipan will not deter the local banking institution from carrying out its mission, the BoS management assured last week.
This, as major shareholders also vouched for the security of the bank’s deposits.
“When this matter first came to light, the bank took immediate and appropriate action to insure the security of the bank’s deposits,” the BoS said.
For one, the bank said it has terminated all actions by those involved in the multi-count indictment.
Further, the bank has also initiated an exhaustive review of the bank’s financial portfolio, as well as, and installed a new president and Chief Executive Officer, Ben R. Fitial.
“In addition, the bank has instituted a number of strategic reforms in order to prevent a recurrence of any fraud in the future. The bank believes that, as a result of these efforts, the bank will emerge stronger than ever,” the BoS said.
Even amid the pending federal case, BoS has vowed to provide much needed financial resources to assist the people of the CNMI and to strengthen the local community.
The bank’s major shareholder groups — the Calvo family, the JLH Pacific Trust and the Tan family — have expressed their commitment to insuring the bank’s long-term financial health.
Also, the directors of the bank have expressed their intent to both develop the bank’s business and to demonstrate the bank’s commitment to its customers.
“The bank looks forward to a long-term future of positive and profitable community service for the mutual benefit of the bank and the commonwealth, and the bank’s board of directors and majority shareholders have recently taken aggressive steps toward improving the bank’s financial condition,” said BoS.
For obvious reasons, the bank said it cannot comment directly on the pending criminal case, adding that it appreciates the efforts of the federal authorities in the actions taken against the suspects. (MM)
