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BankGuam Holding Company established
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Posted on Aug 26 2011
HAGATNA, Guam—The board of directors, management and staff of Bank of Guam are proud to announce the formation of BankGuam Holding Company, a one bank holding company, which is now the parent of Bank of Guam.
Bank of Guam received the approvals from the Federal Reserve Board and the Federal Deposit Insurance Corporation with the concurrence of the Guam Banking Commission, effective Aug. 15, 2011. The reorganization was approved by the shareholders of the Bank of Guam at the May 3, 2010 Shareholder meeting.
The bank holding company structure provides greater flexibility in the bank’s operations and permits diversification of operations and permits acquisition and formation of companies engaged in lines of business complementary to the bank’s business.
Lourdes A. Leon Guerrero, Bank of Guam president, chief executive officer, and board chair, will assume the same titles with BankGuam Holding Company.
“Reorganizing to a bank holding company will provide more latitude in expanding our banking business into other geographic markets, resulting in greater diversification of risk. We are very excited about these possibilities for the largest locally owned bank in our region,” said Leon Guerrero. [I](BoG)[/I]
