Zions bank is not a corresponding bank of TBAS

The Territorial Bank of American Samoa has made it clear that it has no affiliation with Zions Corp bank, which was downgraded by Moody’s Investors Service along with 10 other regional banks, earlier this week.

TBAS Chief Operation Officer, Owen Peery told KVZK news, that Zion’s bank is not TBAS’s correspondent bank.

The comments were made by Mr Peery following a report by the Samoa News in today’s edition linking TBAS to Zion’s bank, an Utah-based financial institution.

“Territorial Bank does not hold any accounts at Zions, nor do we use Zions as a Correspondent bank, or in any other capacity.

“For this reason, Territorial Bank has no direct concerns with regard to Moody’s downgrading of Zions rating. "It has zero impact on the Territorial Bank of American Samoa,” said Mr Peery.

Established five years ago, the Territorial Bank is the only commercial bank serving the people of American Samoa.

Ua teena e le faletupe o le TBAS ripoti e faapea o loo iai sana faigapaaga ma le faletupe o le Zion Bancorp.

I se ripoti a le Moodys Investors Service lea ua tu'umaulalo ai le Faletupe o le Zion faapea ai isi faletupe e 10 ua taua o regional banks.

O le toe pau maualalo o le Zion e tusa ai o lea ripoti o se popole lea ona o le alu alu pea i luga o tului mai i nogatupe (interest rates) ma o faiga ua faatupe tele ai le popolega ona aafia ai o nisi o faletupe i totonu o Utah.

I se ripoti a le samoa news, na taua ai muamua e faapea o le faletupe a le Zion Bancorp o le paaga a le TBAS aepeitai ina ua fesiligia e lau KVZK le susuga ia Owen Peery o le TBAS, na ia taua ai e faapea e leai se tulaga faapaga a le TBAS ma le Zion.

Na taua foi e Peery e leai se popolega o le faletupe i lea ripoti ona e leo aafia ai le auaunaga a le faletupe.