By Nazario Rodriguez Jr.
Horizon news staff

Kaleb Udui Jr., the appointed receiver for Pacific Savings Bank, furnished names of depositors and other pertinent bank records as he testified on Friday Jan. 12 to the House committee on Judiciary and Governmental Affairs.
The committee is conducting an investigation to determine the current status of the receivership of the defunct PSB.
In a press statement released the other day, the committee said that Udui testified regarding the scope of his duties as receiver and the current status of affairs for the financial institution.
The committee, which is chaired by Kerai Mariur, said that Udui furnished several documents, including a spreadsheet of the names of all depositors of the PSB, the names and dates of all account closures from between May 7, 2006 and Nov. 7, 2006, a list of all withdrawals made between May 7, 2006 and Nov. 7, 2006, and a bank ledger containing the names of all persons who closed their accounts or broke timed deposits between May 7, 2006 and Nov. 7, 2006.
The committee said that Udui assured the committee that he would make sure every effort possible to return the depositor funds in an expeditious manner.
The statement said that Udui informed the commission that there was still much work to be done with the receivership, as the bank records were left in disarray.
The committee said it inquired as to why (if there was roughly $200,000 in assets at the current time), such monies simply couldn’t be distributed in equal shares of all depositors, to at least make a small return of their missing funds.
The committee said that although Udui admitted that it would seem to be a quick solution, to determine the amounts owed to each person, verify such amounts and then distribute certain monies to each depositor would take from the receivership precious time and deprive depositor more money.
The committee said that it was determined that it was crucial for the receiver to act as efficiently as possible to maximize the amount of funds ultimately returned to all depositors and creditors.
The committee requested that Udui provide further information concerning the receivership, such as detailed amounts of withdrawals and hard copy of transactions over $1,000 between May 7 to Nov. 7 2006 and a copy of Udui’s action plan as soon as such plan is formulated.
It said that though the process is challenging, the committee members are optimistic that the most cost-effective resolution would be pursued.
The committee said the new regulations that are being created will be retooled to equip the Financial Institutions Commission to effectively handle situations of this kind in the future.