[Congressional Record (Bound Edition), Volume 148 (2002), Part 17]
[House]
[Pages 22938-22939]
[From the U.S. Government Publishing Office, www.gpo.gov]




TRIBUTE TO THE LATE JESUS SABLAN LEON GUERRERO, FOUNDER AND CHAIRMAN OF 
                            THE BANK OF GUAM

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentleman from Guam (Mr. Underwood) is recognized for 5 minutes.
  Mr. UNDERWOOD. Mr. Speaker, first of all, I want to thank the 
minority whip and soon-to-be minority leader for her kind remarks 
earlier today.
  Mr. Speaker, today I rise to honor a man who has recently passed away 
in Guam, the passing of Jesus Sablan Leon Guerrero, the founder and 
chairman of the Bank of Guam. A pioneer, a visionary, a businessman, a 
local and regional leader, a statesman, a pillar of the community with 
a spirit seasoned by true grit, his experience during World War II, and 
emboldened with passionate ideals and altruism for Guam, these are the 
qualities embodied

[[Page 22939]]

by the late Jesus Sablan Leon Guerrero, founder and chairman of the 
Board of the Bank of Guam.
  The dream started long before the first cornerstone was laid for 
Guam's first locally owned bank. In the 1940s, Jesus Leon Guerrero 
worked in the Navy-operated Bank of Guam as a teller and then loan 
officer. The naval operation was later sold to the Bank of America in 
1950.
  During that time, Mr. Leon Guerrero continued his banking career with 
the Bank of America and worked his way up to the ranks of senior 
management. However, he found out that once he was assistant vice 
president of the Bank of America, the Bank of America would not let him 
be head of the local branch. They had a prohibition upon local people 
rising to that rank. As a consequence, he then left the Bank of America 
to start the very successful Bank of Guam.
  For months, he personally went door-to-door to families, friends and 
people in the business community, in villages throughout the island, 
talking to people. He asked them to entrust their financial accounts in 
this new venture, the Bank of Guam, and he succeeded.
  On March 13, 1972, after selling 100,000 shares at $15 each, the Bank 
of Guam was officially chartered and established its first branch in a 
humble modular home in Guam's capital, Hatgatna, with 13 employees.
  The Bank of Guam has since been come to be known as the People's 
Bank, and because of this dedication to the people of Guam and other 
islands of the region, he resolved to take the risk of starting a new 
locally organized bank.
  From its humble beginnings in a prefab building in Hatgatna, the Bank 
of Guam quickly grew into one of the island's most prominent success 
stories. As Guam's economy expanded, the bank prospered and took an 
increasing share of the market for both deposits and loans. Despite the 
setbacks of the recessions during the late 1970s and early 1980s, a 
more permanent structure replaced the original facility as the bank's 
headquarters.
  In 1982, the bank opened a San Francisco branch to support trade 
financing between California and Guam and to allow daytime interaction 
with the Federal Reserve Bank. Then, in the mid-1980s, an opportunity 
arose to expand to other markets when the Bank of America restructured 
and closed its Pacific Island operations. Suddenly, the Bank of Guam 
had an established network of branches throughout the Western Pacific.
  The Bank of Guam first introduced the ATM machine in 1984 and rapidly 
expanded its electronic banking network over the next few years. As the 
economy continued to grow throughout the decade, so did the Bank of 
Guam. In 1990, it opened its 10-story headquarters building in 
Hatgatna, and the building remains the most prominent structure in 
Guam's capital city.
  But most of all I think we want to recognize Jesus Sablan Leon 
Guerrero for his inspiration to the young people of Guam. He is proof 
positive that the people of Guam, the Chamorro people, can be 
successful businessmen. Sometimes there is discussion in the society of 
Guam that there have not been too many successful local businessmen. He 
is one of them. He is also a role model for those of us who, when faced 
with difficult challenges, did not take no for an answer. Mr. Jesus 
Sablan Leon Guerrero not only took the challenge of opening a 
successful bank, but he also indicated that he was not going to let 
barriers artificially placed in front of him to impede his service.
  He was a philanthropist, he was a contributor to the growth of the 
island as a Board of Regents member, as a philanthropist throughout the 
island.
  His wife Eugenia, his children, Lou Leon Guerrero, who is a member of 
the Guam legislature, Tony, who is currently CEO of the Bank of Guam, 
and Jesse, also employed in the Bank of Guam, will miss their father, 
as we all will miss him. We certainly want to take the time to honor 
and celebrate the life of one of Guam's greatest citizens, Jesus Sablan 
Leon Guerrero.

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