PAGO PAGO, American Samoa — Community Bank of American Samoa (IO) has filed its formal application for federal deposit insurance with the San Francisco office of the Federal Deposit Insurance Corporation (FDIC).

“Community Bank (IO) has spent many months preparing its application and this week’s filing is a major milestone in our efforts to open a locally-owned bank to serve American Samoa,” said Avamua Dave Haleck, who is the Chairman of the bank’s Board of Directors. “We hope our application will be satisfactory to the FDIC so that we will be able to serve the territory next year when Bank of Hawaii departs.”

A public notice of the application was published in the Samoa News on September 24 and members of the public can review the application by contacting the FDIC, as specified in the public notice.

Haleck said there is no specific timeline for when the FDIC will complete its review.

Haleck said members of the public will be able to purchase ownership shares in Community Bank (IO) after FDIC approval is received. In the meantime, the bank has received expressions of interest totalling $8 million from approximately 50 founding investors, all of whom either live in American Samoa or operate businesses in the territory.

The bank’s progress to this point has been overseen by a board of directors that includes Dave Haleck (chair), Gary Ayre, Peter Reid III, Iki Scanlan, Brett Butler, Marshall Ashley, Leilua Stevenson, Solip Hong, and Lewis Wolman.

The bank has successfully recruited experienced banking professionals to manage the bank, including President and CEO Gary Ayre.  Ayre, who now lives in Melbourne, Australia lived in American Samoa for more than four years while serving as President of ANZ Amerika Samoa Bank.

The Chief Operating Officer for Community Bank (IO) will be Teresa Galvez, who now lives in Honolulu, but was a senior manager for ANZ Amerika Samoa Bank for many years.

Formation of the bank has been formally supported by Governor Lolo Moliga, the House and Senate of the American Samoa legislature, the Chamber of Commerce, the U.S. Department of Interior, and Congressman Faleomavaega Eni Hunkin.

 “We thank the community for their support and patience,” Haleck said. “We look forward to serving the American Samoa community in 2014 if we are successful in our application for approval from the federal and territorial banking regulators.

For more information, please contact Lewis Wolman, lewis.wolman@communitybank-as.com