In a Board meeting held on Wednesday, January 9, 2008, the Virgin Islands Banking Board, under the leadership of Board Chairman Lt. Governor Gregory R. Francis, voted to approve the sale of the Virgin Islands Community Bank to FirstBank Virgin Islands.  This action enables FirstBank to pursue further regulatory approvals needed to merge the two banks.

During extensive discussion regarding the proposed sale, Lt. Governor Francis expressed his concerns regarding the impact of the sale on VICB employees, many of whom have seniority with the bank.  FirstBank representatives reassured Francis and the Board that the impact on employees would be minimal since all existing employees will be transferred to Firstbank and consideration given to their seniority.

In approving the sale, Lt. Governor Francis says the Board will continue to work towards preserving a business friendly environment that also works in the best interests of the Virgin Islands consumer.

In other business, the Board voted affirmatively in approving the applications of Premier Financial Funding, Inc. for licensure as a mortgage broker and of Bayview Loan Servicing, LLC for licensure as a mortgage lender.

The Banking Board regulates the territory’s banking industry.  It is comprised of six members: Lt. Governor Francis, Finance Commissioner Claudette Watson, Pablo O’Neill, Ernesto Gutierrez, Winston Bennett and Atty. Desmond Maynard.