First Hawaiian Bank

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First Hawaiian Bank
Public
Traded as NASDAQFHB
Industry Banking
Founded 1858
Headquarters First Hawaiian Center
Honolulu
Area served
United States (Hawaii, Guam, and Northern Mariana Islands)
Key people
Robert S. Harrison, CEO & President
Revenue DecreaseUS$709 million (2016)
DecreaseUS$230 million(2016)
Number of employees
2,250 (2016)
Website www.fhb.com

First Hawaiian, Inc. (NASDAQ: FHB) is a bank holding company headquartered in Honolulu, Hawai'i. Its principal subsidiary, First Hawaiian Bank founded in 1858, is Hawai'is oldest and largest financial institution headquartered in Honolulu, Hawaii, at the First Hawaiian Center. The bank has 57 branches throughout Hawai'i, three in Guam and two in Saipan. It offers a diversified range of banking services to consumer and commercial customers, including deposit products, lending services and wealth management, insurance, private banking and trust services. First Hawaiian was listed on the NASDAQ on August 4, 2016 and made it's debut at number 12 in January 2017 publication of Forbes' American's 100 Largest Banks [1] with $20 billion in total assets.

Corporate Responsibility[edit]

First Hawaiian Bank, their employees, and the First Hawaiian Foundation together represent one of the largest corporate contributors in Hawaii, Guam and CNMI, annually donating more than $3 million to over 400 charitable organizations. Employees are given time off to provide much-needed support at community events.

In 2016, Community Care employee volunteer activities were designed to bring “Comfort & Joy” to those in the community – children, the elderly, and those in need. From October to December, more than 400 employees, family and friends, volunteered hundreds of hours on Oahu, Maui, the Big Island and Kauai.

First Hawaiian Bank's 2016 Kokua Mai campaign raised a record $1 million for charities in Hawaii, Guam and Saipan. A remarkable 99 percent of employees made personal donations and 100 percent of every employee contribution goes to their charity of choice.

History[edit]

In 1858, local businessmen, Charles R. Bishop (who had immigrated from upstate New York a decade earlier) and William A. Aldrich, opened Bishop & Co. -- the first successful banking partnership under the laws of the independent Kingdom of Hawaii. It operated from a basement room in "Makee & Anthon's Building" on Kaahumanu Street. On the day Bishop & Co. opened, it took in $4,784.25 in deposits. Its successor, First Hawaiian Bank, today is the second oldest bank west of the Rockies. [2]

  • August 17, 1858: Charles Reed Bishop and his partner, William A. Aldrich, opened Bishop & Co. This was the first successful banking partnership under the laws of the independent Kingdom of Hawaii. Important milestones in the company's history include:
  • 1890: King David Kalākaua chartered the predecessor of the Pioneer Federal Savings Bank.
  • 1895: Samuel M. Damon bought Bishop & Co. from Charles Bishop.
  • 1885: Claus Spreckels and William G. Irwin established a second bank, Claus Spreckels & Co.
  • 1900: First American Bank of Hawaii is established. It was the United States government's depository in the Hawaii Islands.
  • 1906: The Baldwin Bank is founded in Maui.
  • 1910: Bishop & Co. bank opened its first branch in Hilo. Claus Spreckels & Co. incorporated as Bank of Honolulu.
  • 1911: Bishop & Co. opened its first branch on Kauai, at Waimea.
  • 1916: Chinese-American Bank is established as the first bank to serve the Chinese-American community in Hawaii.
  • 1917: The Army National Bank of Schofield Barracks was founded out of a branch of Bishop & Co., and took a national charter.
    Series 1929 US$50 National Bank Note of the Bishop First National Bank of Honolulu, Hawaii, precursor to First Hawaiian Bank
  • 1919: Bishop & Co.incorporated as Bank of Bishop & Co.
  • 1922: The bank acquired Bank of Honolulu.
  • 1923: The bank opened a branch in the Kona district of Hawaiʻi island.
  • 1924: The bank opened a branch on Lanai island.
  • 1929: On 30 January, the bank announced that it was merging with First National Bank of Hawaii, First American Savings Bank, Army National Bank of Schofield Barracks, and Baldwin Bank (Maui). The bank changed its name to Bishop First National Bank of Honolulu. (First National Bank of Hawaii and the First American Savings Bank were an outgrowth of the First American Bank of Hawaii.)
  • 1933: The bank's name became Bishop National Bank of Hawaii at Honolulu.
  • 1956: The bank's name changed yet again, this time to Bishop National Bank of Hawaii.
  • 1966: The bank acquired Cooke Trust Company.
  • 1969: The bank's name became First Hawaiian Bank.
  • 1970: The bank opened its first branch on Guam in Dededo.
  • 1975: First Hawaiian acquired the 11-branch Hawaii Thrift & Loan, which had been in financial difficulty and turned it into First Hawaiian Creditcorp.
  • 1978: The First Hawaiian International Auto Show debuts, with First Hawaiian as its sponsor/backer.
  • 1991: First Hawaiian acquired First Interstate Bank of Hawaii (20 branches, US$858 million assets), which traced its ancestry back through American Security Bank, which had been established in 1935 as a reorganization of Chinese-American Bank.
  • 1992: First Hawaiian acquired East West Bank, which had one branch in Honolulu and one on Maui.
  • 1993: First Hawaiian acquired century-old Pioneer Federal Savings Bank (19 branches, US$600 million assets). It continued to operate as a separate institution.
  • 1996: First Hawaiian acquired 31 branches in Oregon, Washington and Idaho from U.S. Bancorp. It then created a new subsidiary - Pacific One Bank - to hold the branches, with a charter in Oregon.
  • 1996: First Hawaiian acquired ANB Financial Corporation (4 branches, US$71 million assets), owner of American National Bank in central Washington state. American National's branches eventually became part of Pacific One Bank.
  • 1996: First Hawaiian built its new headquarters, the First Hawaiian Center. At 429 ft (131 m), this was the tallest building in Hawaii.
  • 1997: First Hawaiian merged in Pioneer Federal and the next year merged in First Hawaiian Creditcorp.
  • 1998: First Hawaiian merged with San-Francisco-based Bank of the West. The surviving company, First Hawaiian, Inc., was renamed BancWest Corporation. Former First Hawaiian, Inc. shareholders owned 55% of BancWest; Banque Nationale de Paris(BNP), former owner of Bank of the West, owned 45%.
  • 2001: First Hawaiian Bank acquired Union Bank of California's branch network in Guam and Saipan (3 branches, US$200 million assets). In December, BNP Paribas, completed its acquisition of 100% of First Hawaiian Bank and its parent company BancWest. Bank of the West and First Hawaiian Bank, however, continued to operate as separate institutions.
  • 2016: Bank of the West completes public offering, selling 24,250,000 shares of First Hawaiian, Inc. at $23/share. Those share are publicly traded under symbol FHB.[3] BNP is the company’s majority stockholder at approximately 62.0% or 86,459,620 shares.

References[edit]

Sources[edit]

Pre-1927[edit]

Cecil G. Tilton. 1927. The History of Banking in Hawaii. University of Hawaii Research Publications No. 3.

External links[edit]