Bank of Hawaii
From Wikipedia, the free encyclopedia
| Bank of Hawaii Corporation | |
 |
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| Type of Company | Public (NYSE:BOH) |
|---|---|
| Founded | Honolulu, HI (1897) |
| Headquarters | Honolulu, Hawaii |
| Key people | Al Landon, Chairman & CEO |
| Industry | Finance |
| Products | Banking |
| Revenue | ? |
| Slogan | Hawaii's Bank |
| Website | www.boh.com |
Bank of Hawaii is a regional commercial bank headquartered in Honolulu, Hawaii, owned by Bank of Hawaii Corporation (NYSE: BOH). It is Hawaii's largest locally owned bank, as in a majority of the voting stockholders reside in the state of Hawaii. Also, Bank of Hawaii has the most accounts, customers, branches, and ATM's of any financial institution in the state (although BancWest's First Hawaiian Bank holds a greater number of dollars in deposits), and is Hawaii's second oldest bank.
[edit] History
- 1897 Bishop Trust is established; this will become Bank of Hawaii (BoH).
- 1903 BoH opened its first branch, on Kauai.
- 1930 BoH acquired and absorbed Bank of Maui.
- 1959 BoH opened its first Pacific Islands branch on Kwajalein.
- 1961 BoH opened a branch on Pulau and another on Guam.
- 1969 BoH absorbed Bank of American Samoa, which the Navy had established in 1914. In the same year BoH and Crédit Lyonnais jointly established Banque de Tahiti.
- 1970 BoH established a branch on Yap. Branches on Ponape and Kosrae followed in subsequent years.
- 1971 BoH reorganized as a bank holding company, Hawaii Bancorporation, and also established a branch on Saipan.
- 1974 BoH and Crédit Lyonnais established another joint-venture, Banque de Nouvelle Calédonie in Noumea.
- 1979 Hawaii Bancorporation changed its name to Bancorp Hawaii.
- 1980 BoH opened branch in Tokyo.
- 1985 BoH merged with Hawaiian Trust Company.
- 1989 BoH bought First National Bank of Arizona, which represented its first move onto the mainland.
- 1990 BoH acquired FirstFed America, a holding company for banks in Hawaii and on Guam.
- 1993 BoH acquired Banque Indosuez’s interest in Banque d’Hawaii (Vanuatu).
- 1994 BoH acquired Commonwealth Bank of Australia's shares in National Bank of Solomon Islands.
- 1996 BoH acquired most of Crédit Lyonnais' holdings and attained a 91% ownership in Banque de Nouvelle Calédonie. BoH also opened its first branch in Fiji, in [{Suva]].
- 1997 Bancorp Hawaii changed its name to Pacific Century Financial Corporation (PCFC). Banque de Nouvelle Calédonie changed its name to Bank of Hawaii—Nouvelle Calédonie. BoH also purchased Banque Indosuez Nuigini Ltd in Papua New Guinea from Banque Indosuez and renamed it Bank of Hawaii (PNG) Ltd. In addition to its main office in Port Moresby, Bank of Hawaii (PNG) also had an office in Lae, PNG’s second port city on the north-east coast. Indosuez Nuigini was established in 1983 with 49% Indosuez participation, 41.5% Bank of Papua New Guinea, and the remainder public. PCFC acquired California United Bank. Other Pacific Century subsidiaries included First Federal Savings and Loan Association of America (in Hawaii-later merged into BoH), and Pacific Century Bank and Pacific Century Savings in Arizona.
- 1998 BoH bought 5.4mn convertible notes of Bank of Queensland as part of a strategic alliance. It also acquired 100% of Banque Paribas Pacifique (est. 1972; 3 branches) and 70% of Banque Paribas Polynésie (est. 1984; 1 branch). BoH integrated the operations in with Bank of Hawaii-Nouvelle Calédonie and Banque de Tahiti, respectively. PCFC merged its two mainland subsidiaries, California United Bank and Pacific Century Bank (in Arizona) into one nationally chartered entity, Pacific Century Bank, headquartered in California.
- 1999 BoH bought 5.8mn shares (approx. 10%) in Bank of Queensland. It also bought First Federal Savings and Loan from its own holding company.
- 2000 PCFC’s subsidiary, Pacific Century Bank, sold its nine branches in Arizona to Zions Bancorporation for merger into Zions' subsidiary, National Bank of Arizona.
- 2001 BoH sold its 6.2mn shares and 5.4mn convertible notes in Bank of Queensland. The decision reflected PCFC's of a new Strategic Plan, which mandated a focus on the bank’s core markets in Hawaii, the West Pacific, American Samoa and Japan. PCFC sold its Pacific Century Bank (PCB) subsidiary to U.S. Bancorp. The subsidiary had 20 branches in Southern California. BoH sold its shareholding in the Bank of Tonga and Pacific Commercial Bank of Samoa to Westpac. BoH and Westpac both had 30% interests in Bank of Tonga and 42% interests in Pacific Commercial Bank. BoH sold its operations in Papua New Guinea, Vanuatu and Fiji to ANZ. BoH sold its approximately 95% share interest in its French Polynesia and New Caledonia operations to France-based Caisse Nationale des Caisses d'Epargne (CNCE). Its operations in French Polynesia included 17 branches of its subsidiary, Banque de Tahiti, and about 265 employees. Its operations in New Caledonia included eight branches of subsidiary Bank of Hawaii-Nouvelle Caledonie and about 190 employees. Lastly, BoH closed its offices in Hong Kong, Seoul, Singapore, and Taipei.
- 2002 Unable to find a a buyer, BoH closed its Majuro branch in the Republic of the Marshall Islands (RMI) and its three branches in Pohnpei, Yap and Kosrae in the Federated States of Micronesia (FSM). BoH turned over its 51% interest in National Bank of Solomon Islands to the government of the Solomon Islands. Lastly, Pacific Century Financial reverted to the Bank of Hawaii name.
