Lieutenant Governor Tregenza A. Roach, Esq. who also serves as the Chairman of the Virgin Islands Banking Board, announces that the Board will meet on Monday, December 16, 2019 to consider the application of Oriental Bank for a license to do banking in the Territory.

In July the Board reviewed Oriental Bank’s acquisition of the Bank of Nova Scotia’s U.S. Virgin Islands operations and its request for a permit to organize a bank in the Territory. The permit approval for Oriental Bank was the first step in a multi-step process. In order to assume operations and start serving customers, Oriental bank will need to obtain a license and approval from the Banking Board, approval from the federal regulators at the FDIC, and approval from the Puerto Rico Commissioner of Banking.

During Monday’s meeting, the Board will receive a presentation of Oriental Bank’s “Application for a Bank to license a Branch of a Foreign Bank in the US Virgin Islands”. Senior officials from Oriental Bank will be in attendance and board members will vote on Oriental Bank’s application. The meeting will be held at 10:00am at the Office of the Lieutenant Governor on St. Thomas in the Second Floor Rotunda.

For additional information, please contact the Division of Banking and Insurance at (340) 773-6459 on St. Croix and (340) 774-7166 on St. Thomas.