Reported by Star-Bulletin staff & wire
Tuesday, September 24, 1996
Reported by Star-Bulletin staff & wire
Tuesday, September 24, 1996
The Fed did not explain why officials chose not to move. It merely reported they had met and said there would be no further announcement - a signal rates were left unchanged.
"I think they passed for two overriding reasons," said economist Paul Getman of Regional Financial Associates in West Chester, Pa. "There is little evidence that inflation is rising or poses an immediate threat and... this is the political season."
Analysts had been divided over whether central bank officials would tighten credit or hold monetary policy steady.
A boost in the discount rate, which the Fed charges commercial banks for loans, would have been the first in 19 months. It is now 5 percent.
The 5.25 percent federal funds rate, which banks charge each other for overnight loans, also has not been raised since February 1995.
He will become vice president for First Hawaiian's new Pacific One Dealer Center auto lending operation which is scheduled to start in early January, a bank spokeswoman said.
The Pacific One Dealer Center in Portland also will oversee First Hawaiian's existing Dealer Center operation in Irvine, Calif. First Hawaiian also operates Pacific One Bank, which opened in June with 25 branches in Oregon and one in Idaho.
Brenneman is a native of Oregon who worked for First Hawaiian Bank as an assistant vice president from 1973-75. He has been at Nissan since 1975.
First Hawaiian Inc. is a bank holding company with assets of $8 billion. It's principal subsidiary is First Hawaiian Bank.
It's the first store closing the company has had in its rapid expansion over the last two years.
Boston's owner Tom Rossi said the Kuhio Avenue location is just too expensive. The landlord Magoon Estate Ltd. is asking for too much of a percentage of the pizza shop's sales, he said.
The first Boston's North End Pizza Bakery opened in Kailua in 1994. In two years, the company has added five stores and hired 160 employees.
Most of the workers at the Waikiki store will be offered jobs at other locations, Rossi said.