Bank of FSM announces record profit and record dividend for 2017 fiscal year

Bank of the FSM

May 25, 2018

FSM—The 4,598 shareholders of the Bank of the Federated States of Micronesia will get a happy surprise when their dividend checks begin to arrive in June.  During parallel Annual General Shareholder meetings in Colonia, Yap and Kolonia, Pohnpei on 22 May 2018, bank Chairman/Director Larry Adams announced that the bank had delivered record and near record results in multiple areas of Assets, Deposits, Core Earnings, Capit, Dividend and Asset Backing per share.

The net profit for the year ending 31 December 2017 was $2,100,612 or $2 to $25 per share.  He said it was by far the best result in the 33 year history of the bank.

The Board of Directors approved a record dividend of $1 – 13 per share payable to all registered shareholders of the Bank as of 30 April 2018.

The bank’s media release says that this is the 14th consecutive year that the Bank of the FSM has paid a dividend to the BFSM shareholders which benefits the entire FSM community.

It says that BFSM is one of the few locally owned successful commercial banks operating in the Pacific.  It has 4,598 separate shareholders, 7,452 deposit accounts, and 4,764 loan accounts.

Along with Adams and Deputy Chairman/Director Patrick MacKenzie other key directors of the bank and board members are Anna Mendiola, Senny Phillip, John Sohl, and Andy Choor.  Chairman Adams also acknowledged the excellent contributions made to the bank by retiring Director Nelperson Etse, and said that the Directors are looking forward to working closely with incoming Director Feliciano Perman.

President and CEO Bob De Courteney expressed particular appreciation to the major shareholders, the FSM National Government, FSM Development Bank, each of the FSM State Government and other shareholders) for showing the wisdom and foresight to keep the majority of existing directors.

“Continuity of intelligent, connected and high quality Directors and harmonious decision making at Board level, is what lead to great results,” he said.

The bank’s Annual Report says, “Bank of FSM has a sound strong sustainable banking model and is still committed to remain a locally incorporated bank in the FSM, dedicated to the people of the FSM, and helping the economic growth of the FSM nation.  The Bank also operates a Loan Production Office in Saipan, Northern Mariana Islands, as a means of making profits from that location, and repatriating all those profits back to FSM to help subsidize our low fee/low cost operations in all FSM states.”