The board chairmanship is “rotated” among the APIL members.
During its meeting in Palau, the PDIB board reviewed the bank’s 2007 annual report, including its audited financial statements, and the bank’s 2008 budget and goals.
Aren Palik, PIDB president and chief executive officer, told the board that 2007 was a record setting year with a 22 percent loan growth and 13 percent growth in total assets.
He said the bank recorded the highest net earnings since its inception, “effectively eliminating its deficit.”
According to Palik, the quality of the bank’s loan assets improved substantially with only a 0.89 percent delinquency rate and an increase in its allowance for loan loss reserve.
The bank has a clean audit, Palik added.
Elected vice chairman of the board of governors was Gov. Sebastian Anefal of Yap with Finance Minister Elbuchel Sadang of Palau named as board secretary.
Each member island has two members — representing the executive and legislative branches — on the bank’s board.
Rep. Diego T. Benavente, R-Saipan, is the CNMI Legislature’s representative to the board.
As of Dec. 31, 2007, the shareholders of the bank were the CNMI, Palau, Guam, Chuuk, Kosrae, Pohnpei and Yap. The bank’s shares amounted to $5,651,783.
Chuuk holds 251 shares with a value of $251,783. The CNMI, Palau, Pohnpei, and Yap have 1,000 shares each. Guam has 800 shares while Kosrae has 600.
