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BoG official is new head of CDA division
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Posted on Jun 08 2005
The Bank of Guam’s highest official in the CNMI has been elected as the new chair of the Commonwealth Development Authority’s private-sector lending arm.
Bank of Guam executive vice president and CNMI regional manager Marcie Tomokane was voted to head CDA’s Development Corporation Division board of directors. She replaces Tom Glenn Quitugua, who has been selected to chair the entire CDA board.
The division has the authority to make loans and give financial, technical, and advisory assistance at its discretion to the private sector.
“We felt that [Tomokane] would do a good job. She’s very thorough in assessing financial statements and loan applications. She has a broad knowledge of CDA operations, as well as private banking matters,” said outgoing CDA chair Sixto Igisomar.
Nevertheless, Igisomar acknowledged concerns about a possible conflict of interest.
He said Vincent Calvo, the Rota representative to the CDA board and new vice chair of the DCD board, would assume the chairmanship if Tomokane’s post with Bank of Guam proves to be a problem in her leading the CDA division.
“They both have lots of suggestions on how improve DCD. That’s why we chose Calvo to be the vice chair, so he can assume the role of chairman if Tomokane feels she has a conflict of interest,” Igisomar said.
A new set of officers is expected to take over at the CDA board on June 16, a day after Igisomar’s term expires.
Quitugua will be the new chair, while Antonio Borja will remain as vice chair. Calvo will be the new secretary, while Tomokane will replace him as treasurer.
