BankPacific is located along Beach Road in Garapan, Saipan.
On July 7, 1954, a financial institution opened its doors in Agana, Guam, marking the beginning of what would become BankPacific. Today, as the bank celebrates its 70th anniversary, it stands as a dignified bulwark of resilience, growth, and commitment to the communities it serves.
Phil Flores, BankPacific President
Phil Flores, BankPacific’s president since 1981, said the institution got started as the Guam Savings Association. That name would remain for nearly half-a-century, guiding the institution through its formative years and expansion.
A significant milestone came in 1992 when the bank established its presence in Saipan—its first branch. “We opened May 30th, 1992, and we have been there for a while. It has been a good office for us,” Flores said. This expansion marked the beginning of BankPacific’s commitment to serving the Commonwealth of the Northern Mariana Islands.
The institution underwent a transformative change in 1999. “On October 15, 1999, we changed to BankPacific,” Flores said. “One of the reasons for that is that, as a savings and loan company, we didn’t have as many powers as commercial banking.” This strategic move allowed the bank to broaden its services and better meet the evolving needs of its customers.
BankPacific’s growth over the decades has been remarkable. “We started with less than 10 employees,” Flores recalls. “Now we have probably somewhere 100 give-or-take employees.” This expansion reflects not just the bank’s success, but also its increasing role in the local economy as an employer and financial services provider.
Evolution
Throughout its history, BankPacific has faced numerous challenges alongside the communities it serves. “We have been there through typhoons, the bubble burst of the Japanese economy, the recession in the Commonwealth. And we are staying,” Flores said. This resilience is a cornerstone of the bank’s identity and operations.
Marvin Guerrero, AVP Saipan Bank Manager, BankPacific
Marvin Guerrero, AVP Saipan Bank Manager, highlights recent examples of this commitment. “During Typhoon Soudelor and Covid-19, we were one of the first to open our doors and serve the community right away. The head office ensured that we have continuity despite these challenges and that our services will not stop.”
As the financial landscape evolves, so does BankPacific. “Today much of our banking is done digitally,” Flores said. With the bank’s mobile app allowing BankPacific customers to do their banking transactions via the internet, it’s as if the bank has thousands of branches right at the fingertips of its customers, he added. This use of technology allows the bank to serve its customers more efficiently while maintaining its community-focused approach.
Investing in people
BankPacific’s success is deeply rooted in its investment in people. “We’re happy that our employees have been here for more than 30 or 40 years,” Flores said. “We have cross-sessions and training, and learning doesn’t stop. We also empower employees in business.” This focus on employee development and retention has created a stable, experienced workforce.
The bank’s commitment to internal growth is evident in its promotion practices. “We have tellers who moved up and have grown,” Flores said. “We like to give that opportunity from within.” This approach not only rewards loyal employees, but also ensures that those in leadership positions have a deep understanding of the bank’s operations and values.
When it comes to its people, Flores compares the bank’s philosophy to a chain: “You’re only as strong as your weakest link. We want to make sure that our weakest link is strong. You can always replace buildings or phones, but you can never replace employees.”
Progress
In a nod to its 1954 founding, BankPacific is commemorating its 70th anniversary by offering loans of up to $15,000 at a competitive 5.4% interest rate, subject to credit conditions. This rate not only provides value to customers but also pays homage to the year the bank first opened its doors, creating a meaningful link between its past and present service to the community. This offer exemplifies the bank’s ongoing efforts to provide valuable services to its community.
Looking to the future, Saipan bank manager Guerrero hints at upcoming developments: “In the next few weeks, there will be exciting programs to be introduced. We have a new ATM coming in, and we will announce that hopefully before the end of August.” He said these initiatives demonstrate BankPacific’s commitment to continual improvement and innovation.
‘We have a lifelong commitment to serve the community—not just the people of today but for the next families. That’s why we have been here for many years.’
Commitment
As BankPacific marks seven decades of service, its dedication to the community remains strong, Flores said. “We have a lifelong commitment to serve the community—not just the people of today but for the next families. That’s why we have been here for many years.”
BankPacific’s 70-year journey is a story of growth, resilience, and community service. From its humble beginnings in Guam to its current status as a key financial institution in the region, BankPacific has demonstrated an enduring commitment to the people it serves. As Flores puts it, “We’re not giving up on Saipan, and we’re not giving up on its people. That is part of our mission, that is our song.” With this ethos, Bank Pacific looks set to continue its legacy of service and stability for more years to come.
