THE Bank of Saipan announced yesterday in a media release that the Calvo family has increased its ownership interests in the bank by purchasing all of the shares of JLH Pacific Trust.
The Calvos are now the largest shareholder of the Bank with close to a 95 percent ownership stake.
Despite the recent bleak announcements by the federal government, former Guam Gov. Paul M. Calvo stated: “We have a firm commitment to the bank and the CNMI. We hope that with the community and government working together the CNMI will come through these current difficulties. It is our intent that the bank will be an important part of the recovery, meeting the needs of the citizens and residents of the CNMI.”
Calvo went on to say that it has always been his view that “it is vital for the people, businesses and governments of the CNMI and Guam to work together to build a better future. It is my sincere wish that the Bank of Saipan serve us an agent in the Marianas to that end.”
Jon Bargfrede, president and CEO of the bank, stated that since he arrived at the bank in Oct. 2003 “the Calvo shareholder group has been nothing but incredibly supportive of the bank and its employees as well as our community.”
Bargfrede added, “They were instrumental in resurrecting the bank and bringing it out of receivership in Aug. 2006. I am impressed at the commitment the Calvos are making to the bank and to the CNMI at a time when many businesses are leaving the islands.”
“The long term outlook for the Mariana islands as a whole is bright,” said Thomas JM “Jerry” Calvo. “But it is vital that the CNMI and Guam work hand in hand toward building a better future for all who call these islands home.”
Joining former Governor Calvo and Jerry Calvo as a shareholder is John T. Calvo, the son of the late Edward Calvo.