Pago Pago, AMERICAN SAMOA — In a news release on Monday this week, government owned Territorial Bank of American Samoa announced that during a board meeting on Sept. 23rd, board member, Sen. Togiola T.A. Tulafono was elected chairman.

Also during the same meeting, board member Salaia Gabbard was elected vice chair and elected secretary was Ruth S. Matagi. Gabbard and Matagi have been board members since the inception of the bank in 2016.

According to the news release, vacancies were created when Alofa Laulii resigned in May 2021 and former chairperson, Olivia Reid resigned in August this year. At the time, Reid cited business concerns, while no reason was given for Laulii’s resignation.

As previously reported by Samoa News, Togiola and local businessman Lotoaoali’i Joseph Toloa’i Ho Ching were Fono recess appointments by the governor in May and have recently been officially confirmed by both the Senate and House to the TBAS board.

The remaining board members include former vice chair Leilua Stevenson, Joseph Pereira, and Manua Chen.

OTHER TBAS NEWS

In another news release, released last Friday, the bank announced that it has brought into the territory a total of about $30 million in $50 and $100 currency notes since April of last year. These funds were used to cash stimulus checks during three disbursal periods.

Since the initial disbursement date, “we have received very little in deposits of these two currencies,” TBAS said, and asked the “public to please deposit these funds” into their TBAS accounts to maintain safety and security of their money.

The bank also says that there is still a shortage of coins in the territory due to restrictions placed by the Federal Reserve, once a week cargo flights which have bumped shipments due to overloading, and the increased demand for cash due to the distribution of three stimulus payments totaling $3,200 per qualified recipient.

TBAS continues to work with the Federal Reserve to relieve this coin shortage. And the bank is still offering payment of ten cents for each dollar of coins brought to the Centennial Branch. The minimum amount is $20, and the coins must be properly rolled with standard wrappers obtained from some retail stores. The bank will not provide wrappers.

“If you bring $50 worth of rolled coins, TBAS will give you an extra $5,” it says.