Rumors on Chase pull-out unfounded

A press release issued on Tuesday by the Chase Manhattan Bank Executive Office in St. Thomas stated that "there are no plans to close any of its Eastern Caribbean branches even if the proposed sale to the Virgin Islands Community Bank (VICB) is not approved by the federal and local regulatory agencies". The document went on to state that "although the approval process has not moved as quickly as initially anticipated, Chase continues to be in discussions with the Federal Deposit Insurance Corp. (FDIC) regarding the approval of the sale, which was announced last June [1999]". Chase' press release also pointed out that the U.S. Department of Justice had given its approval in February 2000. The press release noted that "the V.I. Banking Board and the British Virgin Islands government will also have to approve the sale". Tynnetta McIntosh, a Chase spokesperson based in St Thomas, said that "there is absolutely no validity to the rumors that have been circulating throughout our community regarding a Chase pull-out in the Virgin Islands should the pending sale not be approved."