On June 17, 1979, the Bank of Saipan began as the Commonwealth Savings and Loan Association, Inc. A few years later, the founders observed the impending growth of the Commonwealth with the advent of local self-government and implementation of new policies conducive to business activities. With this flexibility which also included local control of immigration and wage policies, economic growth was certainly foreseeable.In order for the corporation to participate in this growth and become a major player, a change in its corporate structure was necessary to allow it to operate as a full service commercial bank. Thus, on July 29, 1981, the shareholders of the Association filed an amendment to the Articles of Incorporation to change its name to the Bank of Saipan, Inc.
The Bank began operations in a small office in Chalan Kanoa with less than half a million dollars in assets. Within a few years of the Bank's incorporation, the anticipated growth of the Commonwealth’s economy began.In November of 1996, the Bank opened its Rota Branch to extend and provide quality banking services to the people of Rota. In December of the same year, the Tinian Branch was opened paving the way for the people of Tinian to avail of the excellent financial services the Bank of Saipan offers.