Colonia, Yap – The Board of Governors of the Pacific Islands Development Bank (PIDB) held its annual meeting in Yap on February 28, 2011. Board Chairman and Governor of Yap State, Sebastian Anefal, called the meeting to order, welcomed everyone to Yap with special recognition to new Board members including Speaker Judith Won Pat representing Guam Legislature, Speaker Henry Falan representing Yap State Legislature, Speaker Lyndon Abraham representing Kosrae State Legislature, and Lt. Governor Carson Sigrah representing Kosrae State Executive Branch.
Major items included in the meeting agenda include review of the Bank’s 2010 operational results and performance and its 2010 independent audit report, review of the bank’s 2011 Budget and Goals, and the Bank’s capitalization and capacity which is vital to its core activity of lending.
Sitting (from left): Speaker Henry Falan of Yap, Vice President of Palau & Board Secretary Kerai Mariur, Yap Governor and Board Chairman Sebastian Anefal, Pohnpei Governor & Board Vice Chairman John Ehsa, and Kosrae Lt. Governor Carson Sigrah Standing (from left): Speaker Lyndon Abraham of Kosrae, Bank President/CEO Aren Palik, CNMI Congressman Diego Benavente, Palau Delegate Secilil Eldebechel, Guam Speaker Judith Won Pat, PIDB Manager for Administration, Rosa D.L.S Weilbacher, and Pohnpei Director of Treasury & Administration.
Aren Palik, Bank President & CEO, presented the Bank’s 2010 operational results and performance with a summary highlighting a 9% growth in Total Assets, 12% growth in Loans, 1.5% Return on Assets, 3% growth in Stockholders’ Equity, and a strong asset (loan) quality with a 1.8% delinquency ratio and zero loan charge offs for the year. The Bank has consistently held its delinquency ratio below 3% over the past five years. He also reported that the Bank had a clean audit with an unqualified audit opinion.
Palik said, “we have been successful in restructuring our balance sheet and position the Bank for continued and sustained growth while strengthening our earnings capacity, but we are far from fulfilling the Bank’s mission and purpose.” He added that the Bank has seen an increasing demand for its products and services against limited capital and loan able funds. Board Chairman Anefal said, “in order for PIDB to forge a greater and lasting impact on the development of our member islands, PIDB must increase its capitalization and capacity”. The Board last year created a task force whose primary task is to work on the Bank’s capitalization and funding. In this meeting, the Board reviewed the activities and progress of the Task Force. The Bank’s 2011 Budget and Goals projects significant increases in loan activities including implementation of a Student Loan Program and expansion of its ongoing scholarship program.
While the structure of PIDB remains the same, four new members representing Guam, Yap, and Kosrae were introduced in the meeting. The Board also approved the nomination of former Kosrae Senator Ilai Abraham to represent Kosrae on the Bank’s Board of Directors, replacing Senator Gibson Siba. The Board passed a number of Resolutions expressing sincere gratitude and appreciation to outgoing board members.
Prior to adjournment, the Board elected Governor John Ehsa of Pohnpei as Chairman, Vice President Kerai Mariur of Palau as Vice President, and left the Secretary position to be filled by one of the members from CNMI. Incoming Chairman Ehsa said, “I thanked all of you for electing me to take over this challenging job, and I will do my best to continue the excellent work and leadership of Governor Anefal”. The Board selected Kosrae State as venue for its next annual board meeting. For information about Pacific Islands Development Bank, you may visit www.pacificidb.com.