ANZ Amerika Samoa Bank explained

ANZ Guam, Inc.
Trading Name:ANZ Amerika Samoa Bank
Former Name:Amerika Samoa Bank
Industry:Financial services
Predecessors:-->
Successors:-->
Founders:-->
Location City:Pago Pago
Location Country:American Samoa
Services:Banking
Owner:ANZ
Website:https://www.anz.com/americansamoa/en/about-us/

Amerika Samoa Bank (ASB) was a financial institution established in 1979 in American Samoa and the second-largest bank in the territory[1] with a 44 percent market share. At one point, it had one overseas branch in Honolulu that it opened in 1997 to serve Samoans in Hawaii.[1]

In 1999, Australia and New Zealand Banking Group (ANZ) acquired ASB and renamed it ANZ Amerika Samoa Bank (ANZ ASB).[2] The process was completed by 2001. ANZ ASB had two branches in Samoa and 10 ATMs. In 2007 the bank acquired Citizens Security Bank for $25 million. In 2010, it launched an internet banking service.[3]

On 31 March 2022 ANZ announced it would exit US community banking in Samoa. This resulted in the closure of all bank accounts in October 2022 and loans were transferred to MWW Financial Services LLC.[4] Before closure, the Governor of American Samoa criticised the bank for failing to make loans or invest in the community for a "very long time".[5]

Sources

Notes and References

  1. Book: Transforming the Economy of American Samoa: The economy . American Samoa Economic Advisory Commission . 2002 . 342-343 .
  2. News: Briefs: ANZ buys Samoa bank . The Age . 17 December 1999 . 2 . EBSCOHost.
  3. Web site: ANZ Amerika Samoa Bank launches internet banking . RNZ . 30 March 2010 . 16 March 2021.
  4. Web site: Important Information about ANZ in American Samoa ANZ . 2024-07-11 . www.anz.com . en.
  5. Web site: 2022-09-30 . Good bye ANZ — last day of business in the territory is today . 2024-07-11 . www.samoanews.com . en.