Bank

The American Samoa Chamber of Commerce is distributing a letter to members with facts and advice on the lending policies of the two commercial banks, ANZ and Bank of Hawaii, and the semi independent Development Bank of American Samoa.

The Executive Board’s letter is in response to concerns from members regarding difficulties in obtaining personal and business loans from the banks.

The letter says commercial banks consider American Samoa a more expensive place to issue loans compared to other locations where they operate.

Officials of ANZ America Samoa Bank and the Bank of Hawaii have been questioned by the House Ways and Means Committee concerning their loan policies.

Chairman Toeaina Faufano Autele says members of the public have complained that the banks are very strict and requiring more documentation and taking more time to approve loans.

Steve Watson of ANZ says they have had to tighten its loan underwriting because there’s less money in the economy.