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Hawaii's Bank Say No To Federal Bailout

Monday, 22 December, 2008

The Hawaii Bank has declined to take part in federal bailout.

The company said it was “well capitalized” and did not need to participate in the U.S. Treasury’s Capital Purchase Program.

“After careful consideration by management and our board of directors, we have decided not to participate in the Capital Purchase Program,” said Al Landon, Chairman and CEO, in a statement Monday. “Bank of Hawaii has the resources to meet the needs of our customers and support our growth. We believe that Bank of Hawaii is safe, balanced and prepared to face the challenging operating conditions as the economy slows without government investment.

Bank of Hawaii said it is voluntarily participating in the Federal Deposit Insurance Corp.’s fee-based expanded insurance program that provides a guarantee on all of Bank of Hawaii’s transaction accounts through Dec. 31, 2009.

Central Pacific Bank became the first local bank to say it would participate in the program when it announced Dec. 9 that it was seeking $135 million from the program.

Parent company Central Pacific Financial said it had preliminary approval to get the funds in order to clean up its balance sheet, which had been weakened by bad credit loans to California residential real estate developers.

Source: http://www.bizjournals.com/