Bank of Hawaiʻi announced today that it will invest $4,8 billion in a new independent bank, the first interstate bank to operate in Hawaii.
The Bank of Hawaiian, a bank headquartered in Honolulu, is the second of four to be created by the Hawaiian Financial Authority.
Bank of Hawaii CEO Richard Boudreau says the new bank will help strengthen the financial services industry in Hawaiʼi.
Boudreau was one of the first high-level bankers to sign a memorandum of understanding with the Hawaiian Government and the Hawaiian Bankers Association, in 2014.
Bank president John Hoei says the Bank of Honolulu will invest in its core business of banking and financial services.
“The Bank of Iowa is the only bank in the United States with a fully-insured bank that has a global presence, and we will be investing in the new Bank of Washington, a national bank with a presence in 50 countries, and an established network of regional banks,” Hoeis says.
Bank chief executive officer Steve DeMarco says the bank is committed to creating a bank that is focused on supporting Hawaiʿi’s financial stability and economic growth.
The new bank has the backing of state legislators who say the new venture will create hundreds of new jobs and bring financial services to Hawaiʝi.