NEWS & NOTES
Hawaii Link Center opened
- Yuko Yamane and John Sydney Yamane last week celebrated the grand opening of their Hawaii Link Center on Kress Street next to Hamura Saimin in Lihu’e. They offer Internet and other computer services in the building they recently purchased. Owners and operators of Hair Appeal are their tenants.
US Airways/America West coming to Lihu’e
- Officials at US Airways/America West recently announced they would begin service between Lihu’e Airport and Phoenix in March, using Boeing 757-200 aircraft, which seat 190 passengers.
Verizon Wireless builds new cell sites
- Leaders at Verizon Wireless built new cell sites at or on the U.S. Navy’s Pacific Missile Range Facility at Barking Sands, and on Kaumuali’i Highway in Waimea, in 2005, part of over $22 million in network enhancements in Hawai’i, according to a company spokesperson. Over the last four years, Verizon Wireless officials spent over $77 million adding and updating cell sites across the state, the spokesperson said.
New bank may be coming
- State Department of Commerce and Consumer Affairs’ (DCCA) Division of Financial Institutions (DFI) leaders have granted officials at Ohana Pacific Bank (In Organization) preliminary approval to organize a Hawai’i bank pursuant to Hawaii Revised Statutes Chapter 412.
“We are please to see continued growth in the Hawai’i financial-services industry,” said Nick Griffin, DCCA commissioner of financial institutions.
There are currently four commercial banks, two savings institutions, and one depository financial-services loan company with headquarters in Hawai’i. A fifth Hawai’i-based commercial bank was granted a charter by DFI leaders in August 2005, but has not yet commenced operations, Griffin said.
Before granting preliminary approval to organize, DFI officials, jointly with leaders of the Federal Deposit Insurance Corporation, (FDIC), conducted a detailed review of the application.
The reviewers looked at the background and capacity of the applicant’s proposed managers and directors, the proposed capital plan, the business strategy and financial projections, and the applicant’s policies and procedures.
In accordance with Hawaii Revised Statues Chapter 412, Ohana Pacific Bank (In Organization) officials still must obtain additional regulatory approvals before they commence operations, including approval of their articles and bylaws, and their capital stock-solicitation plan.
Once these approvals are obtained and the capital is raised, Ohana Pacific Bank (In Organization) leaders must file and obtain approval of its state charter applications and obtain FDIC deposit insurance prior to commencing operations.
The decision and order is posted in its entirety on DCCA’s Web site at www.hawaii.gov/dcca.areas.dfi.main.press_releases/.
Peter Ho promoted at Bank of Hawaii
- Officials at Bank of Hawaii Corporation (NYSE: BOH) announced the following senior management changes: Peter Ho, vice chairman of the Investment Services Group (ISG), will become vice chairman and chief banking officer. Ho will add responsibility for the Commercial Banking Group, currently overseen by Vice Chairman Alton Kuioka.
Prior to being promoted to vice chairman for ISG, Ho had been executive vice president for Commercial Banking. Ho also becomes a member of the bank’s board of directors.
Kuioka, who will continue as a vice chairman and member of the board, is reducing his overall responsibilities, and will focus his attention on supporting client relationships, a bank spokesperson said.
David Thomas, vice chairman of the Retail Banking Group, will become vice chairman and chief operating officer, acquiring the additional responsibility for the bank’s Operations and Technology Divisions.
Operations and Technology employees currently report to Vice Chairman Neal Hocklander, who announced that he intends to leave the bank in June of next year as part of his planned transition. In the interim, Hocklander will continue to serve on the Managing Committee and oversee Human Services and related activities.
“The changes position us will for the future, and recognize the talents and leadership skills of these senior managers,” said Allan R. Landon, Bank of Hawaii’s chairman and chief executive officer. “These appointments are part of our ongoing process to further integrate our business units.”
The changes become effective Monday, Jan. 2.
Bank of Hawaii Corporation is a regional financial-services company serving businesses, consumers and governments in Hawai’i, American Samoa and the West Pacific.
The company’s principal subsidiary, Bank of Hawaii, was founded in 1897 and is the largest independent financial institution in Hawai’i. For more information about Bank of Hawaii Corporation, see the company’s Web site, www.boh.com.
American Airlines celebrates anniversary
- On Dec. 17, 1980, American Airlines flights from the Mainland to Honolulu. From three daily one-stops to O’ahu in 1980, American’s service has grown to 16 nonstop roundtrips to four Hawai’i destinations from four Mainland cities today, the spokesperson said. American added service to Kahului in