Banking Board Special Meeting PDF Print


For Immediate Release No. 15-15
March 16, 2015
For More Information Contact:

Regina Watson, Public Relations Officer

Ph:  (340) 774-2991 ext. 4122

Fax: (340) 774-6953
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Banking Board Special Meeting


The Honorable Osbert E. Potter, Lieutenant Governor and Chairman of the Virgin Islands Banking Board, announces that a special meeting of the Banking Board will be held on Monday, March 16, 2015.  The meeting will be held on St. Croix at Government House in the Conference Room, beginning at 10:00 am.


The purpose of the special meeting is to allow Scotiabank the opportunity to report to the Board specific actions the bank has taken to notify balloon mortgage customers about options available to them when their loans have matured or will soon mature.


A balloon mortgage is a mortgage that matures every five years and is subject to modification, or can be changed to another mortgage product such as an adjustable rate mortgage or a fixed rate mortgage.


If you need additional information or assistance, please contact the Division of Banking and Insurance at the Office of the Lieutenant Governor (340) 773-6459 or (340) 774-7166.




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