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Bank of the FSM receives banking accolade

KOLONIA, Pohnpei (FSM Information Services): May 17, 2004 - The Bank of the Federated States of Micronesia recently received Honorable Mention for sharing 'best practices' in the bank's employee development and training philosophies.

The special recognition was published in the April/May 2004 issue of Western Independent Bankers Association [WIB], a regional banking association that assists member banks in achieving the highest standards of personal and organizational performance.

Ruth Iriarte, Assistant Vice President/Human Resources Manager for the Bank of FSM submitted the following acclaimed article:

"Our most effective and powerful tool in developing and enhancing our employee's skills is through our performance planning, coaching and evaluation process (PPC&E). In this process, goals are set for employees and results are evaluated on their anniversary dates. Our PPC&E process sets clear and measurable goals that have timelines.

Our coaching process is scheduled for four quarters annually, and its main purpose is to help employees achieve their performance goals. This is our most effective technique in developing and enhancing our employees' skills. As coaches, our role is to provide employees with direction, support and feedback to help them correct deficiencies, develop existing and new skills, and expand their responsibilities. It is successful in that our employees are involved in the process of defining the problem or goal, developing strategies and solutions and agreeing on an action plan.

In our development process, we empower our employees to contribute their ideas by welcoming their feedback and constantly recognizing and rewarding their every big and small successes. We focus on the areas of training, coaching, empowerment and recognition to enhance our employees' skills."

Established in 1937, WIB provides the members with an avenue to share information and help each other succeed. Approximately 250 community-oriented banks and savings & loans in the Western states of Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, Oregon, Utah, Washington, and the U.S. Territories belong to the Association.

The Bank of the Federated States of Micronesia was founded in 1985 and incorporated under the laws of the FSM. It is the first and only non-USA bank insured by the Federal Deposit Insurance Corporation (FDIC) of the United States outside of the US and its territories. It is a full-service bank with a branch in each of the four FSM States conducting general commercial and consumer banking services.

Further information on the Bank of the Federated States of Micronesia can be found at its official website: www.bofsm.fm.