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.