Business Briefs

Reported by Star-Bulletin staff & wire

Monday, July 29, 1996

Bancorp's board of directors last week raised the quarterly dividend from 28 cents to 30 cents for shareholders of record on Aug. 19.

The dividend increase, which will be payable on Sept. 13, follows a 0.75 cent quarterly dividend increase in October 1995.

Bancorp is the state's largest financial institution and is the owner of Bank of Hawaii and Hawaiian Trust Co.

The market for PCs grew 16.5 percent worldwide and 12 percent in the United States, Dataquest reported. That's down from 18.4 percent worldwide growth and 14.7 percent U.S. growth in the first quarter.

Growth in both markets exceeded 20 percent during the second quarter of 1995.

Compaq Computer Corp. continued to lead industry but lost ground in worldwide and U.S. sales to second-place IBM Corp. and others. Apple Computer continued to be the third-largest PC seller worldwide, though its sales dropped 17 percent.

Packard Bell was the third-largest in U.S. sales with 8.7 percent share.

The deal, the latest example of consolidation in the banking system, would create the fourth largest thrift in the United States and the third largest in California as ranked by assets at the end of 1995.

The plan is subject to regulatory approval and approval by Cal Fed's shareholders. The proposed merger is expected to close during the first quarter of 1997.

Each Cal Fed Bancorp stockholder would receive a cash payment of $23.50 per common share under the terms of the agreement.