June 22, 2007 — The V.I. Banking Board approved several applications for banking industry licenses Thursday, giving the green light to Arianne Company LLC and Palm Mortgage LLC as mortgage brokers and 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, according to a news release from the office of Lt. Gov. Gregory R. Francis, whose position makes him chairman of the board. Thursday's meeting was the first for Francis as chairman.
The revised Banco Popular loan agreement is written in “plain English,” which makes it easier for customers to understand, the release said. The board approved the bank’s request, citing its benefits to the public and praising the bank on its initiative.
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 John McDonald.
Before closing the meeting, 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.
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