About Bank of Marshall Islands

Bank of the Marshall Islands is located in the Republic of the Marshall Islands. This is a nation comprised of two archipelagic island chains of 29 atolls, each made up of many small islets, and five single islands in the North Pacific Ocean, about one-half of the way from Hawaii to Australia.

There are 33 municipalities; Ailinginae, Ailinglaplap, Ailuk, Arno, Aur, Bikar, Bikini, Bokak, Ebon, Enewetak, Erikub, Jabat, Jaluit, Jemo, Kili, Kwajalein, Lae, Lib, Likiep, Majuro, Maloelap, Mejit, Mili, Namorik, Namu, Rongelap, Rongrik, Toke, Ujae, Ujelang, Utirik, Wotho, and Wotje. Bikini and Enewetak are former US nuclear test sites; Kwajalein, the famous World War II battleground, is used as a US missile test range; island city of Ebeye is the second largest settlement in the Marshall Islands, after the capital of Majuro, and one of the most densely populated locations in the Pacific.

There is a constitutional government in free association with the US; the Compact of Free Association entered into force 21 October 1986 and the Amended Compact entered into force in May 2004. American currency (USD) is used. The United States handles the mail to and from the Marshall Islands. Addresses and postal codes adhere to US standards. The time zone is UTC+12 (17 hours ahead of Washington, DC during Standard Time). Travel to and from the Marshall Islands is handled by Continental Airlines departing on alternate days from Guam and Honolulu.

The Bank of the Marshall Islands, known as "The Marshallese Bank," was chartered in the Republic of the Marshall Islands on November 8, 1982. It has been providing commercial banking services since that time. It is a full service bank with an expanding number of branches located in the Republic of the Marshall Islands.

Today the Bank has spread its boundaries from its Headquarters in the downtown of Uliga, Majuro to Amata Kabua International Airport; Ebeye, Kwajalein; Kwajalein, Kwajalein; Roi Namur, Kwajalein; Jabor, Jaliut; Arno, Arno; and Laura, Majuro. Mobile banks are stationed onboard two ships covering most of the Republic - the MV Aemman and the MV Landrik.

On October 28, 2006 the bank launched its first village bank at Jabor, Jaluit as part of the bank's effort to reach the people living in the outer-islands. After experiencing positive feed back from the Jaluit Village Bank, the bank extended its services to Arno, Arno on January 12, 2007. Future village banks are in the planning stage.

Full banking services are offered within each branch and village bank. These services include deposits, withdrawals, wire transfers, MoneyGramŪ remittances, loans, microloans, and new accounts. The main purpose of each village bank is to concentrate on the microloans funded by ROC-Taiwan and its International Cooperation and Development Fund (ICDF). Through its village banks and other branches the bank is able to reach people in the outer-islands and urban areas within the country to improve the standard of living in each community.

The Bank of the Marshall Islands is a bank with a heart and a firm belief in excellence. In addition to serving the financial needs of the Marshall Islands, the bank is especially proud of its staff that represents its most valuable asset.

Correspondent Banks

• First Hawaiian Bank,Hawaii
• Westpac, Sydney, Australia; Wellington; New Zealand

Membership

• Associate member - Western Independent Bankers
• Association of Certified Anti-Money Laundering Specialists (ACAMS)
• Bankers Almanac
• Microfinance Pasifika
• Marshall Islands Chamber of Commerce
• S.W.I.F.T.