For More Information Contact:
Celeste Lawrence, Press Secretary
(340) 773-6449 ext. 3402
celeste.lawrence@lgo-vi.gov
Lt. Governor Gregory R. Francis Chairs First V.I. Banking Board Meeting; New Mortgage Broker Licenses Approved
Lieutenant Governor Gregory R. Francis held his first meeting as Chairman of the Virgin Islands Banking Board Thursday at the Office of the Lieutenant Governor on St. Thomas.
In attendance were Banking Board members Pablo O'Neill, Ernesto Gutierrez, Winston Bennett, Finance Commissioner Claudette Watson-Anderson and recently appointed Director of Banking and Insurance Mr. John McDonald.
Before the Banking Board were several applications for banking industry licenses in the Territory. Approved for licensure as mortgage brokers in the Territory were Arianne Company LLC, and Palm Mortgage LLC. The board also approved the application of Wilshire Credit Corporation as a mortgage servicing company.
Other items before the banking board included a request for approval of a revision of the Banco Popular's Sales Contract and Disclosure Statement. The revised loan agreement is written in "plain English," which makes it easier for customers to understand. The Board approved the bank's request citing its benefits to public and praised the bank on its initiative.
Before closing the meeting, Lt. Governor Francis expressed a desire for the banking board to establish good working relationships with the banking industry.
"When we all are working toward a common goal of providing better and varied services for the Territory, the people win and the banks win as well," he said.
By virtue of his position, Lt. Governor Francis is Chairman of the Virgin Islands Banking Board.
