BANK OF SAIPAN REORGANIZATION APPROVED

SAIPAN, CNMI (Marianas Variety, Feb. 14) - Superior Court Presiding Judge Edward Manibusan yesterday approved Bank of Saipan’s rehabilitation plan, a move that is expected to result in the bank’s re-opening in the next 30 days.

Manibusan said the receivership will continue until dissolved by the court upon sufficient showing of the bank’s rehabilitation, and that Antonio S. Muna will act as receiver at all times.

The judge required Muna to submit progress reports to the court every 60 days. He gave the receiver a veto power over the bank’s loan committee and board of directors.

Pursuant to the rehabilitation plan, the judge said, a formal regulatory agreement will be negotiated between the parties and implemented within 30 days of the date of his order.

The judge adopted Muna’s position and recommendations on the plan.

February 17, 2003

Marianas Variety: www.mvariety.com 

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