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HomeNewsArchivesIT'S OFFICIAL: PROSSER BUYS CHASE BANK VI

IT'S OFFICIAL: PROSSER BUYS CHASE BANK VI

Jeffrey Prosser's Virgin Islands Community Bank confirmed late Wednesday that it has reached an agreement with Chase Manhattan Corp. to purchase all branches of Chase Bank in the U.S. and British Virgin Islands as well as Chase operations in Barbados.
The agreement also includes Chase Trade, a Foreign Sales Corporation (FSC) management company.
Prosser's bank is buying Chase's nine branches and 15 ATMs on St. Thomas, St. Croix and St. John in the U.S. Virgin Islands and Tortola in the B.V.I.
Prosser, a St. Croix businessman, owns the bank and serves as its chairman. He also owns Innovative Communications Corp., the umbrella organization for several large telecommunications companies in the Virgin Islands and elsewhere.
The release from V.I. Community Bank said the Chase deal will close "sometime this year, pending approval from regulatory authorities." It did not specify which authorities would have to approve the acquisition. It also did not disclose the terms of the purchase.
The Chase operation employs 280 people. Sue Krasnove, vice president and Eastern Caribbean region manager for Chase, was quoted as saying, "We are very pleased that as part of the sale to the Virgin Islands Community Bank and its affiliates, all employees will be given the opportunity to continue their employment."
Prosser reportedly purchased the assets which include deposits in excess of $500 million, consumer loans of $300 million and commercial loans of approximately $37 million.
Prosser's V.I. Community Bank operates two branches on St. Croix. It is the only bank in the Virgin Islands with Industrial Development Commission tax benefits.
Editors' note: See earlier story, "Prosser buys Chase Bank's V.I. Operations," for background.

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