Four days after Bank of Saipan reopened last week, more than $2 million has been withdrawn by over 900 customers, according to a Washington-based financial advisor commissioned by the former court-appointed receiver.
Columbia Financial Advisors, Inc., in its findings, said the bank had about $5 million in available cash during the reopening.
The $2.1 million was withdrawn from May 21 to May 24.
Acting Commerce Secretary Fermin M. Atalig told Variety yesterday that the “limited withdrawal” policy imposed by the receiver prevented a “bank run.”
“If we did not make that requirement, the bank would have been down now,” Atalig said.
Atalig is now the acting receiver of the bank and will implement temporary regulations to govern the bank and to carry out its functions.
He said the limited withdrawal policy will continue.
In his directive to the bank’s chief operating officer, Thomas Schoen, Atalig said that besides the limited withdrawals, no new transactions will be granted by the bank to any of its clients, including members of the board of directors.
Atalig said no documents should be moved out from the bank, even upon the request of any member of the board of directors.
“I am acting according to the powers vested in me by the law,” Atalig said.
