About Bank of Saipan

A Briefly History of the Bank

On June 17, 1979, the Bank of Saipan began as the Commonwealth
Savings and Loan Association, Inc. However, the incorporators obviously
foresaw the inevitable growth of the Commonwealth with the advent of local
self-government and implementation of new policies conducive to business
activities. With little or no interference from the federal government upon
the new Commonwealth, economic growth was certainly foreseeable.

In order for the corporation to participate in this growth and become amajor
player, a change in its corporate structure was necessary to allow it to operate s a full
service commercial bank. Thus, on July 29, 1981, the shareholders of the Association
filed an amendment to the Articles of Incorporation to change its name to the Bank of Saipan,
Inc. Since then, Bank became a fully operational commercial bank which began operating
with less than half a million dollars in a small office in Chalan Kanoa. Sure enough,
within several years of the change in Bank's corporate structure, the Commonwealth
began experiencing an increase in its economic activity.

In November 1996, the Bank opened the its Rota Branch to extend and provide
quality banking servicess to the people of Rota. Also in December 1996, the Tinian
Branch opened paving the way of the people of Tinian to avail of the excellent
financial serivices the Bank of Saipan services.