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Wednesday, July 6, 2022
HomeNewsArchivesFDIC HAS NOT GIVEN FINAL APPROVAL ON CHASE SALE

FDIC HAS NOT GIVEN FINAL APPROVAL ON CHASE SALE

The Virgin Islands Banking Board may consider some type of conditional approval for the sale of Chase Manhattan Bank's U.S. Virgin Islands holdings to the V.I. Community Bank, according to an informed source, who would not elaborate as to the type of conditions.
The board continues its deliberations Monday, having met on the issue all Friday afternoon.
John Carter, deputy regional director of the Federal Deposit Insurance Corporation, is scheduled to speak to the board Monday, according to a short press release issued late Friday by Lt. Gov. Gerard Luz James, II, who chairs the board in his capacity as insurance commissioner.
The purchase requires approval by both regulatory agencies, and representatives have said they are working closely together on their investigations.
Phillip Battey, director of public affairs for the FDIC, told the Source Friday afternoon that "the action is still pending" as far as the FDIC is concerned. He was responding to questions prompted by a Thursday article in the V.I. Daily News which stated that the FDIC had approved the sale. The Daily News, which is owned by Jeffrey Prosser, owner of the V.I. Community Bank, said in its follow-up story Saturday that the FDIC has not yet ruled on the sale but that managers of both banks anticipate approval.
The sale has been pending since last June.

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The Virgin Islands Banking Board may consider some type of conditional approval for the sale of Chase Manhattan Bank's U.S. Virgin Islands holdings to the V.I. Community Bank, according to an informed source, who would not elaborate as to the type of conditions.
The board continues its deliberations Monday, having met on the issue all Friday afternoon.
John Carter, deputy regional director of the Federal Deposit Insurance Corporation, is scheduled to speak to the board Monday, according to a short press release issued late Friday by Lt. Gov. Gerard Luz James, II, who chairs the board in his capacity as insurance commissioner.
The purchase requires approval by both regulatory agencies, and representatives have said they are working closely together on their investigations.
Phillip Battey, director of public affairs for the FDIC, told the Source Friday afternoon that "the action is still pending" as far as the FDIC is concerned. He was responding to questions prompted by a Thursday article in the V.I. Daily News which stated that the FDIC had approved the sale. The Daily News, which is owned by Jeffrey Prosser, owner of the V.I. Community Bank, said in its follow-up story Saturday that the FDIC has not yet ruled on the sale but that managers of both banks anticipate approval.
The sale has been pending since last June.