SCANDAL-plagued Bank of Saipan is worth $91.31 million, a figure that can allow it to resume normal operation, according to one of the bank’s lawyers.
“From what I see, there is money there,” attorney Michael W. Dotts told Variety yesterday.
However, the Banking Commission said the money is still not enough.
“The withdrawal restriction is still in place. It is not yet solvent—solvency means we will be able to meet the depositors’ withdrawals,” Deputy Banking Director Lilian M. Pangelinan said in a separate interview.
In a report, the bank’s temporary receiver Randall Fennell said that as of June 21, the bank had a total deposit of $37.58 million. The figure includes “demand deposits, savings deposits and certificate of time deposits.”
However, there was a 10 percent drop in the total deposit—about $3 million had been withdrawn recently.
The bank has a total investment of $5.417 million and total cash amounting to $1.7 million.
There was $2.8 million cash left when the government froze the bank’s assets on April 30.
