Banking Board Meets to Review Proposed Closure of FirstBank Branch PDF Print

For Immediate Release                               
No. 059-14

October 31, 2014

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Banking Board Meets to Review Proposed Closure of FirstBank Branch
 
The Virgin Islands Banking Board met on Wednesday, October 29, 2014 to consider several items, including FirstBank’s proposal to close the FirstBank branch in Christiansted, St. Croix.  The meeting was convened by Lieutenant Governor Gregory R. Francis, who serves as Chairman of the Banking Board.  The Banking Board regulates local banks and financial institutions. 

The Board heard from FirstBank representatives, who discussed the planned bank closure.  Representatives also presented their proposal to consolidate the collections of FirstBank Express and FirstBank Virgin Islands in order to achieve greater efficiency. During the meeting the Board, which regulates non-bank ATMs, also considered the feasibility of increasing the transaction fee for these machines.   

The Board is awaiting a response from the FDIC before it acts on the planned FirstBank branch closure.  According to Francis, the Board is reviewing all other matters presented at the meeting and will issue its findings on those issues within two weeks. 

Board members Desmond Maynard, Esq. and Ernesto Gutierrez were present.  Board members Pablo O’Neill and Finance Commissioner Angel Dawson were excused.

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Lt. Governor Francis hosts a meeting of the Virgin Islands Banking Board on October 29, 2014. 

 
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