Lt. Gov. Tregenza A. Roach, who also serves as the chairman of the Virgin Islands Banking Board, assures the public that financial institutions in the territory are well-capitalized and have adequate liquidity.
“There is no concern that we are faced with or expect regarding the Silicon Valley Bank being closed and any trickledown effect. The territory’s banks are stable. In April of last year, senior representatives of each bank met with the V.I. Banking Board and provided comprehensive reports on the state of each banks’ finances. Since then, we have received updates and additional reports that provide a strong financial outlook,” Roach said in a news release.
The Division of Banking, Insurance, and Financial Regulation has recently fielded calls about the closing of Silicon Valley Bank in California and concerns regarding whether financial institutions in the U.S. Virgin Islands would be impacted by the large-scale closure.
“At the last Banking Board meeting held on December 8, 2022, all banks were found to have increasing profitability. The next scheduled Banking Board meeting to discuss the State of the Banks will be held on April 19th and 20th,” said Roach.
The Division of Banking, Insurance, and Financial Regulation recognizes that some residents may be worried or have questions regarding local banks. Roach encouraged customers to contact their financial institution or the Division on St. Croix at 340-773-6449 and 340-774-2991 on St. Thomas for additional information.
In addition to regulating the banking industry, the Division of Banking, Insurance and Financial Regulation also has a consumer protection mandate. Consumer Assistance personnel is on staff to assist customers with any inquiries or grievances in both districts.
