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Article: Deal to Create Top Virgin Islands Bank.(Brief Article)
- Article from:
- American Banker
- Article date:
- January 9, 2001
- Author:
CopyrightCOPYRIGHT 2001 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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One of the Virgin Islands' smallest banks is expected to become its biggest in the second quarter.
That, said Michael Dow, president of $79 million-asset Virgin Islands Community Bank, is when it plans to close the purchase of seven branches, an insurance agency, and a foreign sales office from what is now J.P. Morgan Chase & Co.
The Federal Deposit Insurance Corp. approved the deal, which was first announced in June 1999, last November. The price has not been disclosed.
The purchase would create a $500 million-asset bank with operations in the U.S. Virgin Islands on St. Croix (home to its two current offices), St. John, and St. Thomas as well as on Tortola in the ...