Bank of Guam eyes more in-store branches

Counting on the anticipated success of its first in-store branch on Saipan, Bank of Guam is already taking another step forward as it looks into clearing the road for similar branches in the near future.

BOG vice president and Saipan branch manager Marcie M. Tomokane disclosed plans are now underway to set up more Bank of Guam in-store branches in the Northern Marianas.

The bank’s in-store branch inside Price Costco in San Jose is its first in the CNMI. BOG introduced the new banking concept in Guam where it build the first in-store branch in Payless.

“We have other areas that we are now looking at. Everything is still under study but we might open another branch in another supermarket,” Ms. Tomokane said.

Bank of Guam took over Bank of America in November 1980. It’s first branch was in Susupe which the company transferred to Price Costco in San Jose.

The bank has three branches on Saipan with six on-site and off-site Automated Teller Machines excluding one cash dispenser installed in McDonald’s Restaurant.

The company’s Price Costco branch is from Monday to Sunday on extended, full operation hours. It is open for full-banking transactions from 10:00 a.m. to 8:00 p.m. on weekdays; from 9:00 a.m. to 5:00 p.m. on Saturdays; and from 11:00 a.m. to 3:00 p.m. every Sunday.

“Bank of Guam has been growing big since 1980, rendering the old Susupe facility inadequate. In Price Costco, we will have ample parking space for our clients, coupled with longer hours of operation,” Ms. Tomokane said.

More financial institutions are expected to come here due to the expected increase in investments in the Northern Marianas as a result of the government’s economic revitalization and diversification program.

According to the commerce department, there have been indications of the entry of other banks to the Commonwealth although there has not been any formal application yet.

There had been renewed discussions on issues surrounding Foreign Sales Corporations [FSC] and Offshore Banking Facilities in the CNMI. These financial institutions could be encouraged to mitigate some of the adverse economic conditions confronting CNMI’s business community.

The CNMI has the expertise and the communication infrastructures to cater to these types of establishments. With the presence of big foreign banks in the islands, officials are upbeat that a healthy competition is brewing up in the banking industry which is expected to result to lower interest rates.

Officials said it may not be too soon that other leading banks will follow. They said the entry of big foreign financial institutions have forced others to improve their services to either retain clients or to stay competitive.

There are at least 10 banks — nine are in operation with physical facilities and locations while two were licensed and are operating via their resident agents — in the Northern Marianas at present.