Lieutenant Governor Tregenza A. Roach, Esq., who is Chairman of the Virgin Islands Banking Board, announces that the Board has approved unanimously the application of Oriental Bank to do business in the Territory.

The action came at the Board’s December 16, 2019 meeting with members Lieutenant Governor Roach, Rosalie Javois, Richard Grant, and Finance Commissioner Kirk Callwood all voting in favor. The approval is the final step in the multi-step investigatory process conducted by the Board.

Oriental Bank will operate two USVI branch locations to include: Christiansted in the St. Croix District and Altona in the St. Thomas/St. John District. Oriental bank will also maintain a network of 15 automated teller machines (ATM’s) in various locations throughout the Territory, including one on St. John.

“At the meeting of the Board, Oriental Bank presented its business plan and evidence of meeting all statutory requirements to organize a bank and do business in the Territory. Bank representatives also shared with the Board and entered onto the record that they received approval from federal regulators at the Federal Deposit Insurance Corporation (“FDIC”) and the Federal Reserve, as well as approval from the bank regulator in its State of Domicile, Puerto Rico, where the bank is headquartered. The Bank is on track to begin operating in the Territory as Oriental Bank at the beginning of the new year 2020,” said Lieutenant Governor Roach.

“Bank officials also expressed their commitment to the employees of Scotiabank USVI and informed the Board that they made offers of employment to all current bank employees with an eye towards growing the bank and providing future employment opportunities as evidence of growth develops,” said Lieutenant Governor Roach.

Senior Management from Oriental Bank held two meetings with employees to discuss job offers and the employment benefit package. Similar terms and conditions of the previous employment benefit plan, including health and life insurance and retirement benefits will be maintained.

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.